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Moulton hits
out at Stelios
crowd funding
CELEBRITY business leaders may be
using crowd funding websites to
exploit retail investors, the
outspoken private equity guru Jon
Moulton claims today.
Moulton singles out easyJet
founder Sir Stelios Haji-Ioannou as
one example of a name using his
position to foist over-priced shares
on to small investors in his new
easyProperty estate agency.
Investors in crowd funding
equities like stories and
personalities. Celebrity types have
spotted this demand and, as is
normal, in markets are testing the
limits of exploitation, the Better
Capital boss writes.
Sir Stelios has offered 1.5 per
cent ownership in the new company
for a substantial 1m. The business
is not trading so hes valuing it at
67m, which you must assume he
thinks is a great deal for him as he
clearly does not need the money.
Typically, he said, private equity
investors buying shares at this stage
in a new companys life might
expect a large holding for 1m.
But financiers working on the
fundraising round disagreed with
Moultons assessment. Overall we
are raising 7.5m, and 6.5m of this
comes through our normal network
of professional and high-net worth
investors. It is with them that we
came to this valuation, said
Kingsley Wilson from Chrystal
Capital.
The aim is to target landlords
and tenants, so they can invest in a
platform that we think they are
going to use in their droves.
FTSE 1006,806.96 +7.34 DOW16,987.51 -61.49 NASDAQ4,567.60 -24.21 /$1.627 +0.002 /1.256 -0.002 /$ 1.296 +0.004
DEALS ON ICE AMID
SCOTS VOTE FEARS
Certified Distribution
from 28/07/14 till 24/08/14 is 108,315
BY TIM WALLACE
AND KATE MCCANN
EXCLUSIVE
BY TIM WALLACE
JON MOULTON: Page 17

Thousands of people turned out yesterday for the closing stages of the Tour of Britain race in central London. Defending champion Sir Bradley Wiggins
was victorious in the first race of the day, the individual time trial. Racers sped along Upper Thames Street as they passed under Blackfriars Bridge and
took in views of the Houses of Parliament and the London Eye before reaching the finish line on Whitehall. See sport, page 23
SHARE IN
THE PASSION.
SEE
BELOW
BUSINESS WITH PERSONALITY
www.cityam.com FREE
MANCHESTER UNITED WINS FIRST GAME UNDER VAN GAAL
BACK IN BUSINESS
ISSUE 2,213 MONDAY 15 SEPTEMBER 2014
DEALMAKER
SHORTLIST
See Awards Page 10
See Page 22
A NUMBER of firms are putting stock
market flotation plans on hold ahead
of the Scottish referendum, fearing
market turmoil could throw the ini-
tial public offerings (IPOs) off track.
Reports of deals being delayed
comes as a group of polls showed the
No campaign edging ahead and Prime
Minister David Cameron headed to
Aberdeen today to deliver a key speech
aimed at the 500,000 Scottish voters
yet to make up their minds.
Yesterday, first minister Alex Sal -
mond appeared to promise he would
not call a second referendum if the
Yes campaign loses on Thursday.
However he did not rule out another
vote if there is a change of leader.
Businesses had previously thought
Scottish voters would reject independ-
ence by a comfortable margin.
The RAC and British Car Auctions
have both cancelled investor meetings
this week, delaying their IPO plans,
City A.M. was told yesterday. Why risk
things now when everythings so
uncertain? said one adviser.
Challenger bank Aldermore has post-
poned its float the lender had
planned to announce its IPO this
Wednesday, according to Sky News.
UK equity capital markets have
essentially been frozen with fear over
the vote. The markets traditionally
slow down over the summer, before
roaring back into life in the autumn.
But while banks across Europe, the
Middle East and Africa (EMEA) have
picked up again in September, market
activity in London has remained flat.
Figures from Dealogic show just one
equity capital markets deal worth
more than $50m (30.8m) priced in
the UK last week, an accelerated book-
build worth just $81m. By contrast the
rest of EMEA saw 20 deals priced, rais-
ing a total of $3.92bn. In the primary
markets people are sitting on their
hands and waiting to see what hap-
pens, one broker said.
Cameron will warn there is no going
back from a Yes vote. This is a once-
and-for-all decision. If Scotland votes
Yes, the UK will split, and we will go
our separate ways forever, he will say.
TOUR OF BRITAINS CAPITAL FINALE CAPS A FINE YEAR FOR UK CYCLING
3
DAYS
TO GO
QUEENS WARNING: Page 2

THE FORUM: Page 16

MONDAY 15 SEPTEMBER 2014

2
To contact the newsdesk email news@cityam.com
Phones 4u collapses after
key partner EE hangs up
HIGH street mobile retailer Phones
4u has collapsed into administration
after being dropped by its last re -
maining network partner EE.
In a statement last night, the
groups private equity owner BC
Partners said it had no option but to
call in administrators after being
informed by EE that it would not be
renewing its contract next year.
The retailer, which employs 5,596
staff and runs 720 outlets, including
550 standalone stores, said the deci-
sion had come as a complete shock.
Staff have been asked to report to
work as normal today where they
will be briefed by management.
Stores will be closed until administra-
tors at PwC decide on whether the
business can re-open for trading.
The company said it is intended
that employees would continue to be
paid until further notice.
EEs decision, which follows a
Silicon Valley contrite over privacy
The US tech industry has failed to appreciate the
mounting global concern over its record on
online privacy and security and must act fast to
prevent deeper damage to its image, Silicon
Valleys top executives and investors have
conceded. The self-criticism comes as some of
the tech sectors best-known names have been
battered by a backlash over revelations of
widespread US internet surveillance.
Russian sanctions could harm wests oil
US and EU sanctions against Moscow are in
danger of turning round and biting the west by
constraining global oil supply and pushing up
prices in coming years, a former chief executive
of BP has warned. Tony Hayward said that
cutting off capital markets from Russias energy
groups, which would eventually lead to less
investment in Russian oil production, was likely
to damage long-term supply.
Advisers pay catching up bankers
Senior advisory bankers pay in London has risen
almost on to a par with traditionally higher-
earning traders, underlining the shifting fortunes
of these distinct businesses within investment
banks. UK-based managing directors working on
deals and capital raisings have seen total pay rise
by a fifth to an average of 586,000 last year,
according to data compiled for the Financial
Times by Emolument, a pay comparison group.
SMEs to launch action against RBS
Hundreds of business owners affected by Royal
Bank of Scotlands turnaround division for
struggling companies are planning to sue the
bank through a group legal action. Small and
medium-sized companies who claim that they
were exploited and, in some cases, destroyed as a
result of the activities of the banks global
restructuring (GRG) division are joining forces to
seek compensation from the lender. The RBS GRG
Business Action Group has appointed Clyde & Co,
the law firm, to review allegations that viable
companies were forced out of business. It said
that about 800 companies had come forward to
be considered for the planned action.
Over-55s to fuel spending boom
A spending boom among the over-55s will be
triggered by a relaxation of the rules how much
cash people can take out of their pension pots,
experts say. According to Hymans Robertson, a
leading actuary, forecast that up to 5bn will be
taken out of pension funds in the three months
after April next year.
Anti-euro party gains in Germany
Alternative for Germany (AfD), which wants to
retrieve powers from Brussels, gained a record 12
per cent of the vote in polling in eastern state of
Thuringia, according to exit polls yesterday.
Poroshenko attacked over deal delay
Ukrainian President Petro Poroshenko faces rising
criticism for his decision to delay implementation of
part of a European Union deal to avoid threatened
Russian retaliation. A senior diplomat resigned in
protest over the weekend, and pro-European
politician blasted the decision as caving to Russia.
Uranium prices set to fall soon
A multiweek rally in uranium prices looks unlikely
to continue for long as the reality of oversupply
and lackluster demand sinks in among buyers of
the nuclear fuel. Uranium now trades at $32.75 a
pound, up from a nine-year low of $28 in May.
DAVID Cameron yesterday
promised to hunt down the
Islamic State (IS) terrorist who
beheaded UK national David
Haines, warning the government
would stop at nothing to see
justice served.
This is a despicable and
appalling murder of an innocent
aid worker. It is an act of pure evil,
the Prime Minister said in a
statement. In a televised speech
yesterday, he added: We have to
confront this menace. Step-by-step,
we must drive back, dismantle and
ultimately destroy IS and what it
stands for. We will do so in a calm,
deliberate way but with an iron
determination.
Cameron detailed the
governments plan to back Kurdish
forces on the ground in Iraq with
weapons and training, but stopped
short of throwing UK support
behind air strikes in the region.
The Prime Minister has been vocal
in his support for American
military action.
Yesterday, the foreign office
named a second British man being
held by IS militants. Alan Henning,
also an aid worker, was named in
a video posted online by IS over
the weekend, which appears to
show the beheading of Briton
David Haines.
Cameron vows
to hunt down
ISIS terror killers
The Queen has called on Scots to think carefully about the referendum vote this week
BY KATE McCANN
BY KASMIRA JEFFORD
strategic review, is the final nail in the
coffin for Phones 4u after Vodafone
announced earlier this month that it
would not be extending its contract.
O2 and Three have already pulled out.
Phone 4u chief executive David
Kassler, said: Today is a very sad day
for our customers and our staff. If the
mobile network operators decline to
supply us, we do not have a business.
He warned that the move by opera-
tors would result in less competition
and higher prices for UK customers.
Stefano Quadrio Curzio of BC Part -
ners launched an attack on EE, saying:
Their behaviour appears to have been
designed to inflict the maximum dam-
age to their partner of 15 years, giving
Phones 4u no time to develop commer-
cial alternatives.
Phones 4u made 1bn turnover and
100m of profits last year.
WHAT THE OTHER PAPERS SAY THIS MORNING
THE QUEEN spoke out for the first
time on the Scottish referendum
debate yesterday, telling a well-
wisher as she left church in
Balmoral that voters should think
carefully about how they cast their
ballot this week.
Speaking as she left Crathie Kirk,
the Queen said: I hope that people
will think very carefully about the
future, in response to a light -
hearted question about the
referendum from a member of the
BY KATE McCANN public. A spokesperson for the
Royal Family confirmed the
comments, but would not be drawn
on whether the Queen was
indicating explicit support for the
pro-union campaign.
Scottish voters go to the ballot
box this Thursday to decide
whether the nation should remain
part of the United Kingdom or go it
alone. Polls over the weekend
showed the No campaign narrowly
ahead in three out of four surveys,
but many voters remain undecided.
Prime Minister David Cameron
will make a speech in Aberdeen
today, warning that the result of
the vote will last for centuries to
come and cannot be reversed. He
will tell a crowd of activists in
Scotland that there will be no going
back from independence.
If Scotland votes Yes, the UK will
split, and we will go our separate
ways forever, Cameron will say,
adding: This is a decision that
could break up our family of
nations and rip Scotland from the
rest of the UK. And we must be very
clear. Theres no going back.
TODAYS COMMENT: Business needs to speak out on Scotland, Perils of crowdfunding See Forum pages 16-17
NEWS
Queen hints at support for union
and tells Scots to think carefully
THE UKs housing crisis could be
resolved quickly if the government
added a new land classification to
green and brownfield sites, a new
report claims.
The Royal Institute of Chartered
Surveyors (RICS) is calling on
ministers to sign up to its proposal
for Amberfield, which aims to create
a pipeline of ready to go land for
developers to build on within five
years. Local councils and
communities should work together
to designate between 30 and 50 per
cent of vacant land as amberfield to
solve the housing shortage quickly,
the group suggests.
The aim of the new classification
is to break the deadlock between
developers and communities, where
projects are often stalled.
The planning system needs to be
responsive to the needs of customers
and increased confidence is needed
in which sites can be taken forward,
Jeremy Blackburn, RICS head of
policy said.
We would suggest a quota of 50
per cent amberfield for most local
authorities as it would enable them
to deliver the appropriate housing
stock required, he added. A
spokesman for the department for
communities and local government
said ministers had simplified the
planning system.
Amberfield:
the answer to
housing crisis
BY KATE McCANN
Phones 4us collapse into administration will put 5,596 jobs at risk
DAVIDKASSLER, PHONES4UCHIEFEXEC
Today is a very sad day for
our customers and our staff.
If the mobile network operators
decline to supply us, we do not have a
business.

MONDAY 15 SEPTEMBER 2014

3
NEWS
cityam.com
REVENUES at PwC rose five per cent to
2.81bn in the last year, as the profes-
sional services firm highlighted a big
increase in client confidence across
the UK in a further sign of strengthen-
ing economic recovery.
PwC revealed it had seen solid per-
formance and growth across the board
of its UK business, with re -
gional areas in partic-
ular seeing stronger
growth, in a
pos itive sign
of rebalanc-
ing in the UK
economy, accord-
ing to the firm.
PwC UK chair-
man and senior
partner Ian Powell
said: I am optimistic
about the short-
er term
econo -
m i c
PwC revenues
boosted as UK
optimism rises
BY THOMAS FITZGERALD
out look, we expect the UK economy to
grow by around three per cent this
year and by some 2.6 per cent in 2015.
However, Powell said there was no
room for complacency, adding: We
are aware of some 100 overseas busi-
nesses looking to increase their foot-
print in the UK, but are equally aware
that these companies look for relative
political and regulatory certainty
before they invest.
Meanwhile, PwC saw its profits for
the year to June 30th rise to 772m,
up from 750m in 2013.
Average profits per partner was
722,000, up from 711,000 in 2013
while Powell will take a 3.7m
share of profits, up marginally on
3.6m in 2013.
PwC promoted 53 new equity
partners during the year, of which
40 per cent were women, in addition
to 25 partners recruited external-
ly in the last 12 months.
THE US private investment firm
looking to buy Tottenham Hotspur
is today revealing another push
into the London market with a
400m development in Islington.
Cain Hoy, which last week
confirmed it is considering a cash
offer for Tottenham, is partnering
with developer Sager group on a
joint venture to develop the 4.5
acre Islington Square site.
Cain Hoy, founded by leading
Cain Hoy and Sager lead 400m
Islington Square development
BY THOMAS FITZGERALD
figures from global investment
firm Guggenheim Partners and
named from the racehorse stable
owned by the Guggenheim family,
will fund the development to
create a mixed residential, shop -
ping and leisure district.
Cain Hoys European investments
are led by Jonathan Goldstein, who
previously worked at Heron Tower
developer Heron International.
Work on the Islington Square
development has already begun,
and is expected to finish by 2017.
FIRMS are flooding back to London,
driving occupancy rates in the
square mile back up to their highest
rate since the credit crunch struck, a
study from TheCityUK shows today.
Employment in the City has also
hit a post-crash high, and the
number of senior staff gaining
permission to work in finance is
also up.
Just 6.1 per cent of office space in
the City and Docklands was vacant
in the second quarter of this year,
the lowest level since the start of the
downturn.
It came as an additional 203,000
square-metres of space was rented
out in the three-month period.
And firms taking more space are
also taking on more staff
TheCityUK expects headcount in
finance and professional services to
rise by 2.7 per cent across 2014 to hit
707,500.
The businesses are hiring more
senior staff as they grow. The
Financial Conduct Authority
approved 3,236 in the quarter, up
from 2,749 in the previous three-
month period.
The City industry group believes
this points to sustained growth for
the rest of the year for finance
firms.
City offices at
their fullest
since the crash
BY TIM WALLACE
Ian Powell has been UK
chairman since 2008
Islington Square is more Arsenal territory than Tottenham Hotspur
MONDAY 15 SEPTEMBER 2014
4
NEWS
cityam.com
MICROSOFT is expected to announce
a $2.5bn (1.5bn) takeover of Mojang,
the Swedish video game developer
with 100m players of its Minecraft
game, as soon as today.
The deal is aimed at pulling users
on to the US software companys
mobile platform Windows Phone,
which commands only around 2.5
per cent of the worlds smartphone
market, accord ing to tech research
firm IDC.
Minecraft was launched five years
ago as a PC game, but 54m sales later,
about 40 per cent of copies are down-
loaded on to phones and tablets.
Markus Persson, Minecrafts creator
and co-founder of Mojang, said last
year that Windows phones were so
insignificant in terms of market
share that it wouldnt be worth devel-
oping a version of his hit game for
the platform.
Microsoft looks set to change this
with its takeover, acquiring Mojangs
40 staff and spurring development of
the game on its own mobile plat-
form.
Microsoft set to
disclose $2.5bn
Minecraft deal
BY OLIVER SMITH
We dont view this acquisition as a
signal of Microsofts intent to double
down on Xbox but consider it an
attempt to better address mobile on a
cross-platform basis, said Nomura
analyst Rick Sherlund in a note to
clients this week.
This also appears to be consistent
with (Microsoft) chief executive Satya
Nadellas mobile and cloud strategy,
he added.
The deal is relatively small for
Microsoft, which has $86bn in cash
and short-term investments, and last
year bought the handset division of
Finnish mobile firm Nokia for
5.44bn (4.33bn).
But it is relatively large and expen-
sive for game company acquis itions,
which do not have a stellar record of
success.
Japans SoftBank paid $1.53bn for a
50 per cent stake in Finnish game-
maker Supercell last year at about 3.5
times projected annual sales. Elect -
ronic Arts $750m acquisition of
PopCap in 2011 was valued around 10
to 11 times sales.
Microsoft declined to comment on
the deal.
Britains biggest bookies bet on
plans for stricter self-regulation
THE FOUR largest high street
bookmakers will today reveal plans
for a new independent watchdog to
hold the gambling industry to
account. They will also publish plans
to restrict the advertising of fixed-
odds betting machines and
pre-watershed television advertising.
The bosses of William Hill,
Ladbrokes, Coral and Paddy Power
BY OLIVER SMITH will launch the package of com mit -
ments today in response to growing
political and public pressure over the
regulation of the sector and part -
icularly around betting machines
currently common in betting shops.
Actions speak louder than words.
Thats why the Senet Group [the new
regulator due to be created by 1
January and overseen by an
independent Standards
Commissioner] will be given the
independence, budget and purpose
to hold the betting industry to
account, said Gala Coral group
chief executive Carl Leaver on the
move.
The Senet Group will have the
power to name and shame or
impose fines on operators who
breach rules that include the
removal of all advertising of
gaming machines from betting
shop windows by 1 October.
ISRAELI conglomerate Delek Group
yesterday announced that it had
agreed to sell Roadchef, one of
Britains leading roadside service
area businesses, to European fund
Antin Infrastructure Partners for
about 153m.
Delek Group, owned by multi-
billionaire Yitzhak Teshuvah, holds
major shares in numerous new-
found gas fields in the eastern
Mediterr anean.
The sale of Roadchef is part of a
strategy of selling off non-energy
holdings as it considers issuing its
Delek in 153m sale of Roadchef
as part of focus on energy work
BY JOSEPH MILLIS
shares for trading on the London
Stock Exchange in addition to its Tel
Aviv listing.
Delek managing director Asi
Bartfeld told Israeli financial daily
The Marker: The sale of Roadchef
was done quickly and efficiently,
and continues Deleks strategy of
focusing on its energy activity.
The company said it entered into a
binding agreement with the Euro -
pean infrastructure fund and the
closing was expected to take place by
the end of the month.
Delek said it would post a capital
gain of 220m Israeli shekels (37.3m)
from the sale.
BREWING giant SAB Miller has considered an offer for smaller independent rival Heineken
in a deal that would have helped to protect it from a takeover bid from AB inBev. SAB Miller
is understood to have approached Heineken two weeks ago with a preliminary offer,
according to Bloomberg News, which was then rejected by the family-controlled group
SAB MILLER OFFER REBUFFED BY HEINEKEN
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UNTIL 30
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SEPTEMBER
MONDAY 15 SEPTEMBER 2014
6
NEWS
cityam.com
THE BIGGEST flotation in the United
Arab Emirates (UAE) since the global
financial crisis seven years ago is
underway as Dubais Emir Malls Group
(EMG) is hoping to raise nearly $1.6bn
(983m) from the sales of shares.
EMG is offering 2bn shares, worth
around 15.4 per cent of equity, with
the price range set at between 2.50 and
2.90 UAE dirhams per share.
At the mid-point of this price range
EMG will have a market value of ar -
ound $9.6bn, as it will look to raise up
to $15.8bn from the float.
Around 70 per cent of shares will be
offered to institutional investors, while
30 per cent will be made available to
individual investors from UAE, with 10
per cent of shares earmarked for exist-
ing Emmar share holders, and five per
cent reserved for the Emirates Invest -
ment Authority.
Mohamed Alabbar, chairman of EMG
said: EMG has an excellent track
record and we believe that our iconic
Owner of Dubai
Mall aiming for
1bn flotation
BY THOMAS FITZGERALD
assets, strong parent, experienced
management team and the attractive
consumer market in Dubai, make us
well positioned to deliver further
growth.
The IPO is the biggest float in the
emirate since port operator DP
Worlds $4.96bn offering in 2007, and
will be the first in the region to pro-
vide both an institutional and retail
offering.
Alabbar added This IPO represents a
significant step in the further develop-
ment of the UAE capital markets, with
shares in EMG being offered to both
individual and institutional investors,
and EMG is proud to be at the fore front
of this innovation.
EMGs portfollio includes the Dubai
Mall, one of the largest shopping malls
in the world and the main source of
revenue for the group.
The Dubai Mall had approximately
75m visitors in 2013, and acc ounted for
around 50 per cent of luxury goods
sold in Dubai that year by overall sales
value.
Dubai is home to the largest mall in the world by total built up area at 12.1m square feet
BANKS have increased their cross-
border lending substantially for the
first time since 2011, indicating that
confidence is flooding back into
markets.
The Bank of International
Settlements said yesterday that cross-
border loans rose $580bn (356.6bn)
in the first quarter of 2014.
The increase occurred across all
markets, and emerging markets
recorded a rise of $188bn in the
quarter, a 10 per cent increase on
the year.
Cross-border
lending jumps
BY TIM WALLACE
A COALITION of three opposition
centre-left parties appeared to be on
course to form the largest bloc in
Swedens parliament after yesterdays
general election.
However, although the bloc
overtook the governing centre-right
coalition, it fell short of an absolute
majority.
The opposition of Social
Democrats, Greens and Left Party
would win 160 seats in the 349-seat
parliament, but a coalition need175
seats to form a majority government.
Sweden to turn
left after poll
BY JOSEPH MILLIS
1
After an Arabic degree at Oxford, Chris joined Rothschild in 2000,
and is now managing director in the global financial advisory team.
3
Also mentioned in the release as advising from Rothschild is global co-head of equity
advisory Adam Young, who has nearly 30 years of experience in equity capital markets.
2
Chris is Rothschilds head in the Middle East, and has been involved in deals such as the $25bn
Dubai World restructuring, $16bn Nakheel restructuring, and Gulf Marine Services London IPO.
Merrill Lynch International, JP Morgan Securities and Morgan Stanley & Co. International were joint global
coordinators for the offering. BofA Merrill Lynch, JP Morgan, Morgan Stanley, EFG Hermes UAE , Emirates
Financial Services, HSBC Bank Middle East and National Bank of Abu Dhabi were the joint bookrunners.
THOMAS FITZGERALD
BEHIND THE DEAL
ROTHSCHILD | CHRIS HAWLEY
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MONDAY 15 SEPTEMBER 2014
8
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k u . o c . e n o
SPREADBETTING firm IG Group is
taking aim at Hargreaves Lansdown
and Barclays Stockbrokers with the
launch of an online stockbroking
service today.
IG, founded 40 years and with a
majority of the market, has spent
between 2.5m to 3m developing
the service over the past two years in
a bid to crack the lucrative market.
There are currently about 100,000
IG Group takes aim at incumbents
with online stockbroking service
BY MICHAEL BOW spreadbetters in the UK, but the
number of people with an online
stockbroking account is much larger,
at about 750,000 users.
Its a much bigger audience and
we think at the moment that
audience is pretty poorly served,
chief executive Tim Howkins said.
The online stockbroking world is
currently pretty primitive.
IG is launching its bid to crack the
market today, offering live prices on
about 4,500 stocks.
LONDONS listings market is bounc-
ing back to pre-recession highs, as an
increasing number of companies
make their debut on the London
Stock Exchange.
Research by Capita Asset Services
forecasts main market initial public
offerings (IPOs) are likely to be worth
11.7bn this year, smashing the
8.7bn figure in 2011 that was largely
raised by the Glencore float.
Capita, which analysed the volume
and value of IPOs across the London
Stock Exchanges main, AIM and
international markets, said that, over-
all, IPOs would drum up 18.5bn this
year more than twice the 8.3bn
raised last year.
In 2006, a record year for listings,
25.6bn of shares were sold in 307
IPOs. In the year to August 2014,
11.6bn has been raised through 92
Strong year for
City flotations
BY JENNY FORSYTH
IPOs, and this should reach 18.5bn
by the year end, Capita forecast.
On the junior AIM market, only 55
IPOs have been staged so far this year,
compared with 325 in 2005. But the
average of 32m each raised by these
55 companies is more than at any
point since records began.
Capita said consumer-related com-
panies in particular were flooding
the market. About 32 companies, one
in every three floats, were in con-
sumer goods and services and these
accounted for 57 per cent of all the
IPO money raised so far this year.
Justin Cooper, of Capita Asset
Services, said: Its no coincidence
consumer companies are dominating
the picture as spending in the UK has
picked up sharply. We are a long way
ahead of where we were just 12
months ago, and 2015 will likely be
even stronger.
BRITAINS political leaders are
being urged by manufacturers to
back policies that will rebalance
the UKs economy, following a
YouGov poll suggesting strong sup-
port for such a move from voters.
EEF, the manufacturers organi-
sations call follows new research
confirming widespread support for
industrys demands for better-bal-
anced growth.
According to the YouGov poll, 63
per cent want to see Britain enjoy-
ing a better-balanced economy,
where growth is sustainable and
the economy is growing across dif-
ferent sectors.
Party leaders urged to
rebalance the economy
More than eight in ten 85 per
cent want the next government to
promote a stronger manufacturing
base, believing it will deliver more
jobs, economic growth
and prosperity.
EEF chief exec-
utive Terry
Scuoler said:
The message
to parties and
political lead-
ers is loud and
clear: a strong,
rebalanced econ-
omy has to be the
long-term end goal
and at the heart of
your election
offering. Industry and voters are
singing from the same hymn sheet.
We want a robust, stable and
resilient economy with a clear focus
on balanced growth and this is a
message party leaders must not fail
to take into the election.
He added: A stronger manufac-
turing base is a vital component
and while it is not a cure all for
every economic ill, British indus-
try does have a fundamental role
to play in building a better-bal-
anced and more robust economy.
Government can and should
focus policies on delivering
this aim.
BY JOSEPH MILLIS
Rank Industry H1 IPO (m)
1 Consumer services 5,922
2 Financials 1,920
3 Industrials 1,158
4 Oil and Gas 500
5 Healthcare 451
6 Consumer goods 146
7 Telecoms 106
8 Technology 59
9 Basic materials 8
Total 10,271
SUMS RAISED IN 2014 H1 LISTINGS
EEF head Terry Scuoler wants
a rebalanced economy
Number of IPOs in 2013/14
18
14
10
6
2
Jan Mar May Jul Sep Nov
2013
2014
MONDAY 15 SEPTEMBER 2014
9
NEWS
cityam.com
Private equity firm Warburg Pincus is thought to be looking to sell UK-based safety and survival
equipment business Survitec. The manufacturer of survival gear in the marine, defence and
aerospace sectors produces a wide range of kit, from life rafts to fighter pilots anti-G suits.
WARBURG PINCUS CONSIDERING SALE OF SURVITEC
Mick Davis gets First Avenue on
board to build $4bn war chest
MINING magnate Mick Davis is be-
lieved to have hired more advisers
as he looks to build on his $4bn
(2.5bn) funds while hunting assets
for his new mining company.
Davis has been working to build
up funds since setting up X2 Re-
sources following the sale of Xstrata
to Glencore for $27bn last year.
Now, in addition to working with
Goldman Sachs on fundraising,
BY THOMAS FITZGERALD Davis is believed to have
added US firm First Aven -
ue, according to the
Sunday Times.
Mining companies
have been hit in re-
cent years by low com-
modity prices, with
many private equity firms
cautious on invest-
ment while the
market seems
depressed.
The challenging commodity mar-
ket has seen a number of big firms
look to restructure and sell of assets.
Last month BHP Billiton an-
nounced a demerger to spin off as-
sets into a new mining company,
while AngloGold Ashanti last week
also announcing its own spin off of
non-South African assets into a
new London-listed miner.
Davis sold Xstrata to
Glencore in 2013
10
cityamawards.com
Cenkos have had an extraordinarily strong year,
taking full advantage of the boom in initial
public offerings by driving the 1.4bn AA
flotation. Durkin's work ensured the deal got
away despite sceptics fearing that the firm was
too highly leveraged. The adviser made 30m
on the flotation, boosting its first half profits
and giving Cenkos a reputation as a successful
operator on very high-profile deals well beyond
its comfort zone of small- and mid-cap
transactions.
JIM DURKIN
This years flotation frenzy has seen pent up
demand explode, with Numis foremost among the
mid-cap advisers. Co-head of corporate broking
Alex Ham worked on a series of high-profile
successes, including the AO (Appliances Online),
TSB and Polypipe IPOs. The diversity of the listings
shows his abilities across key sectors of
technology, retail, finance and manufacturers. But
he has not only had successes in the months when
the market is booming. Back in 2011 Ham won City
A.M.s Rising Star award after working on deals
including the Horizon and Betfair flotations, and
advising Investcorp on its bid for Opsec.
The high-profile flood of IPOs might have stolen
much of the limelight this year, but Bank of America
Merrill Lynchs Michael Findlay has dominated a
series of far bigger deals in the M&A space. He led the
advisory work on Verizons acquisition of the rest of
Verizon Wireless from Vodafone, in total a $130bn
deal. Other successes include AMECs $3.2bn takeover
of Foster Wheeler and Balfour Beattys successful
defence against Carillions 3bn merger proposal. But
political objections have helped thwart one of his
more ambitious plans. Had circumstances been
different, Findlay may have pulled off Pfizers
attempted 69bn takeover of UK rival Astrazeneca.
ALEX HAM
THE ZAOUI BROTHERS
Sponsorship enquiries: brett.marshall@cityam.com
MONDAY 15 SEPTEMBER 2014
SPONSORED BY
Although there has been a dearth of mergers
and acquisitions so far this year, there has been
a rash of initial public offerings (IPOs) for our
dealmakers to get their teeth into.
There has been some exciting deals for
bankers to get a buzz from.
Verizon Wireless $130bn deal to take over
Vodafone, help in driving up the price of
Abbie bid for British pharma rival Shire and
Michael and Yoel Zaoui have shaken up the M&A
advisory business in startling style this year the
Morocco-born brothers set up in business together
only in September 2013, but have already seized a
place on some of the biggest mergers of the year
the $60bn Lafarge-Holcim merger, creating the
worlds largest cement maker. It is not only the
scale of the deals which has won the Zaouis their
nomination. They have also worked on innovative
deals, including the complex pharma manoeuvres
which saw Novartis buy GSKs cancer business, GSK
take on Novartis vaccines arm, and the pair merge
their consumer healthcare operations.
Goldman Sachs has a formidable reputation to
uphold, and sure enough when a wave of IPOs came
to market, the Wall Street titan did not disappoint.
Co-head of investment banking Anthony Gutman
has been at the forefront of the flotation boom. He
led work on the B&M listing, which valued the
discount retailer at 2.8bn, and Upper Crust-owner
SSPs IPO, which gave it a 1bn value. And Gutman
successfully defended Shire, driving up the price tag
on rival pharma firm AbbVies takeover bid. But he
has also had to take the rough with the smooth,
working on the Pets At Home and JustEat flotations,
where shares slumped after going public.
ANTHONY GUTMAN
MICHAEL FINDLAY
in partnership with
CITYA.M.
AWARDS 2014
Thursday 13 November 2014, Grange St Pauls Hotel
Katie Derham presents the 2013 Dealmaker of the Year award to Simon Warshaw, then of UBS
Dealmakers thrive in
Citys flotation frenzy
the creation of the worlds largest cement
company in a $60bn merger are only some of
the highlights of the year
From innovative rights issues to a
resurgence of flotations, from veterans to new
kids on the block with a few traditional
acquisitions and sales thrown in the year
has been a lively one for all of our candidates
for dealmaker of the year.
DEALMAKER
of the year
S
E
C
U
R
E

Y
O
U
R

T
A
B
L
E

N
O
W
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o
n
t
a
c
t
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i
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S
w
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t
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o
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0
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TOMORROW:
ENTREPRENEUR OF THE YEAR
AND THE NOMINEES ARE
Venue
Grange
St Pauls Hotel
1,300 boys and girls aged 4-18 who
are taught in single-sex classes at key
stages of their education.
Forest School is located on the very
edge of Epping Forest and is the only
diamond structure school in London.
Open Day
Saturday 20 September 2014
8.30am-1.30pm
www.forest.org.uk
info@forest.org.uk
020 8520 1744
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MONDAY 15 SEPTEMBER 2014
11
cityam.com
cityam.com/the-capitalist
THECAPITALIST
Got A Story? Email
thecapitalist@cityam.com
IF YOU were north of the border over
the weekend breathing in Scotlands
febrile political atmosphere you may
have been standing side-by-side
with none other than
Rupert Murdoch.
But you may not have
known it.
According to a tweet
by the media tycoon, he
went undercover for a
true Scots experience.
Were not quite sure
how Murdoch travelled
incognito around Glas -
gow, Aberdeen and the small coastal
settlement of Rose hearty, but were
picturing an elaborate stereotypical
McMurdoch hits
Scottish streets
ensemble involving kilts, blue face
paint and copious consumption of Irn-
Bru and Tunnocks
teacakes.
Alas, it appears
Mur dochs under-
cover op came to an
abrupt halt after he
was spotted.
Murdoch has
been a vociferous
supporter of Alex
Salmond, but yester-
day he tweeted: SNP not talking
about independence, but more wel-
farism. Maybe his trip north has
cooled his ardour for the Yes vote.
Sir Martin's oldest friend is the historian
Simon Schama. They met at school and
went up to Christ's College, Cambridge together.
They toured Eastern Europe, including a visit to
what had been the Nazi concentration camp at
Theresienstadt.
Fresh from business school, he was
marketing consultant for Heinz baked
beans and ketchup.
His fathers
parents were from
Ukraine. His grandfather
claimed to have cut
off a Cossacks
hand at the age of
10, but we didnt
believe him.
1
2
3
WPP Group chief executive Sir
Martin Sorrell
THREE THINGS YOU DIDNT
KNOW ABOUT...
What started out as a kitchen cookery experiment by a 52-year-old retiree has just
morphed into Chinas next big snack trend. Joe & Sephs, a gourmet popcorn maker
founded by Joseph Sopher, has just signed a deal to be sold in supermarkets throughout
Beijing and Shanghai. No word on cinemas yet though
POPCORN MAKER TO BUBBLE UP IN CHINA
MONDAY 15 SEPTEMBER 2014
12
NEWS
cityam.com
MEDIAPLANET.COM
Fintech
The special report
distributed tomorrow in
City A.M.
T
H
E
F
O
R
U
M
c
i
t
y
a
m
.
c
o
m
/
f
o
r
u
m

JOIN THE
DEBATE
SEE PAGES
16-17
BRITISH footwear brand Dr Martens has posted a leap in sales and profits in its first year since
being bought out by private equity firm Permira. Revenues rose by 30 per cent to 209m in the
year to March, as the retailer increased the number of shops from 13 to 41 across the US, Europe
and Asia. Underlying earnings rose by one-third to 33.9m, Companies House records show.
DR MARTENS PROFITS TAKE BIG STRIDE FORWARD
UK footfall takes a hit in August
despite rebound in retail sales
FEWER shoppers visited shopping
centres and high streets in August,
even as retail spending rebounded,
new figures show.
The British Retail Consortium
(BRC) and Springboard revealed this
morning that footfall dropped by
1.1 per cent in August compared
with the same time last year. This
was greater than the 0.6 per cent
fall in July and below the three-
KASMIRA JEFFORD
month average, down 0.8 per cent.
But data published by the BRC last
week showed that retail spending in
August was at its highest since
January thanks to a surge in
clothing sales, up 2.7 per cent.
BRC director general Helen
Dickinson said that while footfall
was down, the amount spent by
consumers on per shopping trip has
steadily increased in recent months.
It seems that customers are
hitting the high streets with
purpose knowing what they want
to buy ahead of time, supported by
online research and doing more
shopping in a single trip, she said.
Footfall dropped most steeply on
high streets, down 2.8 per cent on
the previous year, while at shopping
centres it fell by 1.1 per cent.
Out-of-town retail parks fared the
best with a 2.9 per cent jump in foot
traffic in August. The south east was
one of four regions to enjoy a rise in
shopper numbers up 1.2 per cent.
MONDAY 15 SEPTEMBER 2014
13
cityam.com
WIN TICKETS TO THE RYDER
CUP AND PLAY AT GLENEAGLES





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INTERVIEW
The man driving Moonpigs growth story
A former operations chief at Aol Europe, Stan Laurent joined Photobox in 2006 and has grown the firms revenues to over 175m
B
y the end of April, it became
clear to Stan Laurent that
Londons doors were effectively
closed to new consumer-facing
internet companies. There had just
been the perfect storm of disastrous
market debuts from Just Eat and AO
World, along with two profit
warnings from Asos that triggered a
sell-off in shares of fellow fashion
retailer Boohoo.com.
The chief executive of Photobox
owner of online greetings card firm
Moonpig had been pushing ahead
with plans for a London-listing that
analysts said could have valued the
business at up to 500m. However, by
May those plans were in tatters.
What we felt is that in the spring,
after investors had been through the
Asos profit warnings and the Just Eat
initial disappointment, they were in
a kind of hang over. It just didnt feel
timely to push on with a float, says
Laurent. The rationale for prioritising
a float over the last year was mostly
that we wanted to move faster with
consolidation. Were gaining share or-
ganically and weve done a few deals
but theres still a big opportunity if
we can pile more volume onto our Eu-
ropean operation.
Photobox, which is listed on the UK
governments Future Fifty ranking of
high-growth tech firms, sells person-
alised t-shirts, mugs and cards, oper-
ating a group of online businesses, in-
cluding Moonpig, PaperShaker,
Sticky9 and its core Photobox brand.
Since 2000 the group has grown
both organically with the addition of
PaperShaker (offering birth announce-
ments and wedding invitations) and
through deals such as its 120m take -
over of Moonpig in 2011 and its acqui-
sition of fridge magnet printer Sticky9.
By July, Laurent had secured a 50m
revolving credit facility from Barclays
and Royal Bank of Scotland, which he
says gives Photobox the ability to fi-
nance any deals it might want to pur-
sue.
So we sat there and thought:
Should we really pursue a float given
the context? When in fact the main
purpose of our potential IPO [initial
public offering], which was to raise
funds to be able to do deals, could be
served through other means.
The decision was made and Photo-
boxs plan to float was shelved. Despite
the volatile conditions in London this
year, Laurent says he remains commit-
ted to pursuing a listing in the City,
once the timing is right. Ive very
firmly decided that if we do list that
we should do it here as opposed to
elsewhere. We have two great brands
here and about 50 per cent of our busi-
ness is in the UK, he says.
Were private equity backed and its
no secret that one day well be seeking
an exit for our shareholders. As far as
I can tell, when Londons capital mar-
kets hear a good story maybe theyre
a bit shy at the beginning, but theyre
happy to do whats necessary to be
competitive in the cost of capital for
the businesses.
For now though those plans will
have to wait. Instead Laurent is on the
hunt for deals.
Although were a leader in Europe,
particularly in the UK and France with
about 25 per cent market share, on a
pan-European basis were around
eight per cent of the market and our
nearest competitor is just half of that,
says Laurent, who adds that Photobox
is looking to grow aggressively.
So far Laurents strategy has been
working. During the year to 30 April
he delivered a solid 18.8 per cent sales
growth, pushing Photoboxs revenues
to 175.3m, with underlying profits
stable at 19.8m. Lets hope someone
sent him a congratulations card.
Ive very firmly
decided that if we
do list that we should do
it here as opposed to
elsewhere.

The boss of Photobox tells Oliver Smith why hes committed to a London listing
MONDAY 15 SEPTEMBER 2014
14
cityam.com
In association with
YOUR ONE-
STOP SHOP
BROKER VIEWS AND
MARKET REPORTS
LONDONREPORT
A
LL EYES will be on the result of
Thursdays Scottish referendum,
with market watchers keen to
know whether or not the 300-
year-old union will continue.
As far as more normal risk events are
concerned, the main one will be
Wednesdays release of the latest set of
MPC meeting minutes.
That will be complemented by the lat-
est figures on consumer prices, employ-
ment and retail sales, courtesy of the
Office for National Statistics (ONS).
On Friday, ratings agency Moodys
will announce its decision on the UKs
sovereign debt rating.
A busy day tomorrow includes news
from ASOS, Craneware, Crest Nichol -
son, Galliford Try, IQE, Lidco, N
Brown, Pan African Resources, Tho -
mas Cook and TLA Worldwide.
On Wednesday, Brooks Macdonald,
Chemring, DMGT, Imagination Tech -
nol ogies, JD Sports and Smiths Group
will update the market.
Thursdays reports come from French
Connection, Investec, Kier, Merlin
Entertainments, Northgate, Petra Dia -
monds, Premier Farnell, Trifast,
WAN disco and Wilmington.
Scotland and MPC
minutes the main
focus for the City
Fed meeting
in spotlight
T
HE RECENT wobbly stretch in
both stocks and bonds may
persist for the short term if
the US Federal Reserve this
week lives up to expectations and
signals the days of near-zero
interest rates are numbered.
Anxiety over the two-day Fed
policy meeting, centred on
expectations the central bank will
likely drop its pledge to keep
interest rates low for a
considerable time, was a primary
driver behind stocks snapping a
five-week winning streak this week
and bonds absorbing their steepest
losses in at least two months.
Top economists say they see at
least even odds the Fed will drop
the next phrase from its forward
guidance, which means they see
rate hikes coming by next March.
Still, few expect such a move
would translate immediately into a
long-term change in investors
bullish view of stocks, especially
relative to bonds.
JD WETHERSPOON
Investec has kept its buy rating, but upped the target price to 885p from 870p. The broker says
full year results were just ahead of expectations, and that cash generation remains strong, while
the current year has started well with a like-for-like sales increase comfortably ahead of peers.
J D Wetherspoon PLC
p
12Sep 8Sep 9Sep 10Sep 11Sep
745
770.00
12 Sep
765
755
750
760
770
HOME RETAIL GROUP
Numis has raised to hold from reduce, with the target price kept at 180p. The broker thinks
second-quarter results were mixed, with Argos like-for-like sales falling short, but with an
improved margin due to the pattern of seasonal sales, and steady performance from Homebase.
Home Retail Group PLC
p
12Sep 8Sep 9Sep 10Sep 11Sep
175.00
174.90
12 Sep
182.50
177.50
180.00
185.00
187.50
To appear in Best of the Brokers, email your research to notes@cityam.com
BESTof theBROKERS
Linklaters
Stuart Bedford has been
appointed London head of
corporate at the law firm.
Previously head of Linklaters
corporate practice in Asia, he
has a background in private
and public mergers and
acquisitions, joint ventures
and capital raisings. Bedford
succeeds Sarah Wiggins.
Lend Lease
The property and infrastructure group has appointed
Rob Heasman as project director for its 1.5bn
regeneration at Elephant & Castle. He was previously
development director of the project, and succeeds
Pascal Mittermaier, who is relocating to the US.
Brown Rudnick
Ignacio Torterola has been appointed partner in the
law firms international arbitration group. He joins
from Foley Hoag, where he was international counsel.
Torterola has also held positions in the office of the
Argentine Treasury Attorney General.
Equifax
Patricio Remon has been appointed managing director
of the consumer and business insight firms UK &
Ireland business. He was formerly general manager of
Equifax Iberia. Remon succeeds Shawn Holtzclaw, who
is returning to Equifax US to lead its credit marketing
and debt management operations.
Vannin Capital
The litigation funding provider has announced three
appointments. Sir Stephen Silber has been appointed
chairman of its investment committee. A former high
court judge and QC, he has more than 40 years exper -
ience in the legal profession. Bernard Hanotiau also joins
its investment committee. He is a member of the Brussels
and Paris bars. Paul Morris joins as a non-ex ec utive
director. He is a consultant senior counsel at Appleby.
National Association of Pension Funds
John Dembitz has been appointed non-executive
director at the association of workplace pensions. He is
also chairman of Incredibull, EAC Management and
Saviour Box.
Colt Technology Services
Sohail Qadri has been appointed executive vice-
president of strategy and business development at the
telecoms, IT, and data centre services firm. His
previous roles have included group strategy director at
O2.
WHOS SWITCHING JOBS Edited by Tom Welsh CITY MOVES
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THE WEEK
AHEAD
Gold.............................................................1231.50 -9.75
Silver ..............................................................18.64 -0.06
Brent Crude ...................................................97.60 0.45
Krugerrand ................................................1242.90 -3.90
Palladium....................................................829.00 -17.00
Platinum....................................................1360.00 -18.00
Tin Cash Ofcial.........................................21177.50 7.50
Lead Cash Ofcial........................................2114.75 3.25
Zinc Cash Ofcial.......................................2269.50 2.25
Copper Cash Ofcial ..................................6855.75 27.00
AluminiumCash Ofcial ...........................2008.25 6.50
Nickel Cash Ofcial...................................18342.50 -115.00
AluminiumAlloy Cash Ofcial ..................2105.00 -15.00
Cocoa Futures ............................................3074.00 34.00
Cofee 'C' Futures..........................................184.23 -1.30
Feed Wheat Futures.....................................112.50 -1.50
Soybeans Futures Continuation Contract..1091.00 29.40
AIR LIQUIDE......................................................97.88 0.24 101.85 83.45
AIRBUS GROUP................................................48.50 0.30 57.33 41.61
ALLIANZ N.......................................................133.05 -0.35 134.40 112.00
ANHEUS.-BUSCHINBEV....................................85.76 -0.73 88.05 69.14
ASML HLDG.......................................................76.95 1.12 77.13 57.51
AXA...................................................................19.50 0.14 20.64 16.75
BANCO SANTANDER............................................7.69 0.03 7.96 5.40
BASF N .............................................................77.00 -0.17 88.28 69.13
BAYER N ..........................................................106.15 -0.25 106.80 82.27
BBVA...................................................................9.61 -0.00 9.99 7.76
BMW................................................................89.43 -0.57 96.10 77.58
BNP PARIBAS-A- ..............................................53.97 0.26 61.82 46.50
CARREFOUR......................................................25.78 -0.14 29.57 24.85
CRH PLC .............................................................15.16 -0.23 16.93 12.81
DAIMLER N.......................................................62.95 -0.26 71.27 56.05
DANONE............................................................54.17 -0.32 57.44 47.25
DEUTSCHE BANK N...........................................27.09 -0.19 38.15 24.17
DEUTSCHE POST N............................................25.39 0.01 28.47 22.94
DEUTSCHE TELEKOMN........................................11.57 -0.09 12.97 9.43
E.ON N..............................................................14.40 0.06 15.37 12.89
ENEL...................................................................4.22 0.02 4.49 2.72
ENI ....................................................................18.78 -0.09 20.46 16.20
ESSILOR INTL.....................................................84.01 0.30 84.17 70.51
GDF SUEZ ..........................................................19.37 -0.04 21.19 16.02
GENERALI..........................................................16.23 0.04 17.70 14.54
IBERDROLA.........................................................5.56 -0.02 5.77 4.12
INDITEX.............................................................23.18 0.16 24.36 20.21
ING GROUP .......................................................10.95 -0.02 11.17 8.24
INTESA SANPAOLO..............................................2.42 -0.02 2.66 1.49
L'OREAL ...........................................................125.75 0.70 134.75 114.55
LVMH..............................................................136.20 -0.60 150.05 121.00
MUENCH RUECKVERS N....................................153.15 -0.30 170.40 141.20
ORANGE.............................................................11.67 -0.05 12.85 8.39
REPSOL..............................................................18.74 -0.04 20.55 16.53
ROY.PHILIPS......................................................23.38 0.00 27.33 21.89
RWE ..................................................................31.01 -0.58 32.98 23.97
SAINT GOBAIN...................................................37.37 -0.16 45.75 35.04
SANOFI.............................................................86.89 0.90 86.48 68.29
SAP ..................................................................59.86 -0.01 63.30 51.87
SCHNEIDER ELECTRIC .......................................64.26 -0.08 72.22 57.89
SIEMENS N........................................................97.09 -0.45 101.35 86.44
SOCIETE GENERALE...........................................41.66 0.08 48.69 34.74
TELEFONICA .......................................................11.92 0.00 13.14 10.84
TOTAL ...............................................................50.03 -0.14 54.71 41.05
UNIBAIL-RODAMCO .........................................207.10 -0.50 213.70 174.25
UNICREDIT..........................................................6.29 -0.02 6.89 4.54
UNILEVER CERT.................................................31.96 0.01 32.78 26.97
VINCI ...............................................................45.87 -0.39 57.36 41.51
VIVENDI.............................................................19.33 -0.10 21.31 16.83
VOLKSWAGEN VZ ............................................175.50 -0.80 205.00 162.50
Price Chg High Low
EU SHARES
3M...................................................................143.94 -0.41 146.43 116.65
AMAZON.COM ..................................................331.19 0.67 408.06 284.38
AMERICAN EXPRESS.........................................87.64 -0.78 96.24 72.08
AMGEN............................................................137.89 -1.07 139.93 105.76
APPLE .............................................................101.66 0.23 103.74 63.89
AT&T.................................................................34.50 -0.35 37.48 31.74
BANK OF AMERICA ...........................................16.79 0.22 18.03 13.60
BERKSHIRE HATHAWY-B.................................137.09 -0.83 138.90 108.12
BOEING CO......................................................126.95 -0.69 144.57 109.56
CATERPILLAR..................................................105.02 -0.57 111.46 81.87
CHEVRON........................................................122.66 -1.17 135.10 109.27
CISCO SYSTEMS..................................................25.16 -0.02 26.08 20.22
CITIGROUP .......................................................52.38 0.15 55.28 45.18
COCA-COLA CO..................................................41.46 -0.49 42.57 36.83
COMCAST-A.......................................................57.08 0.10 57.13 43.20
CONOCOPHILLIPS..............................................78.45 -0.93 87.09 62.74
CVS HEALTH.....................................................80.57 -0.52 82.12 56.32
DU PONT NEMOURS&CO...................................64.78 -0.35 69.75 56.46
EXXON MOBIL...................................................95.78 -1.25 104.76 84.79
FACEBOOK-A.....................................................77.48 -0.44 78.36 42.43
GENERAL ELECTRIC...........................................25.87 -0.15 28.09 23.50
GILEAD SCIENCES............................................103.66 -2.73 110.64 58.81
GOLDMAN SACHS GROUP ................................183.17 2.17 183.47 151.65
GOOGLE-A .....................................................584.90 -6.21 614.44 421.49
GOOGLE-C.......................................................575.62 -5.73 604.83 502.80
HOME DEPOT....................................................88.84 -0.38 93.52 73.74
IBM..................................................................191.28 -0.44 199.21 172.19
INTEL................................................................34.62 -0.40 35.56 22.48
JOHNSON & JOHNSON....................................104.58 0.03 106.74 85.50
JPMORGAN CHASE...........................................60.03 0.27 61.48 50.06
MCDONALD'S....................................................93.34 0.38 103.78 90.53
MERCK..............................................................59.55 -0.55 61.33 44.62
MICROSOFT ......................................................46.70 -0.31 47.00 32.15
NIKE -B- ...........................................................81.84 0.02 82.79 67.19
ORACLE............................................................40.50 -0.18 43.19 32.00
PEPSICO...........................................................90.87 -0.78 93.51 77.01
PFIZER..............................................................29.43 -0.20 32.96 27.87
PHILIP MRRS INT..............................................84.02 -0.48 91.81 75.28
PROCTER&GAMBLE ..........................................83.26 -0.23 85.82 75.20
QUALCOMM.......................................................75.33 -0.78 81.97 65.47
SCHLUMBERGER .............................................102.22 -2.23 118.76 84.91
TRAVLR COMP ..................................................92.42 -0.50 96.18 79.89
TWITTER ............................................................52.11 -0.53 74.73 29.51
UNION PACIFIC.................................................107.01 -0.70 108.74 74.62
UNITEDHEALTH GROUP.....................................86.18 -0.90 88.85 66.72
UTD TECHNOLOGIES........................................108.35 -0.16 120.66 102.21
VERIZON COMM ...............................................48.40 -0.61 53.66 45.45
VISA-A............................................................214.04 -0.91 235.50 180.11
WAL-MART STORES ..........................................75.77 -0.33 81.37 71.51
WALT DISNEY-DISNEY......................................89.67 -0.30 91.20 63.10
WELLS FARGO...................................................51.70 0.11 53.08 40.07
COMMODITIES CREDIT & RATES
BoE IR Overnight.........................................0.500 0.00
BoE IR 7 days..............................................0.500 0.00
BoE IR 1 month...........................................0.500 0.00
BoE IR 3 months.........................................0.500 0.00
BoE IR 6 months ........................................0.500 0.00
LLIBOR Euro - overnight............................-0.059 0.01
LIBOR Euro - 12 months ..............................0.299 -0.01
LIBOR USD - overnight.................................0.091 0.00
LIBOR USD - 12 months ...............................0.582 0.00
Halifax mortgage rate ................................3.990 0.00
Euro Base Rate............................................0.050 0.00
Finance house base rate .............................1.000 0.00
US Fed funds.................................................0.09 0.00
US long bond yield........................................3.35 0.08
European repo rate ...................................-0.032 0.00
Euro Euribor ...............................................-0.021 -0.01
The vix index................................................13.32 0.52
The baltic dry index.................................1,186.00 -11.00
Markit iBoxx ..............................................266.79 0.68
Markit iTraxx................................................59.09 1.19
Price Chg High Low
US SHARES
/$ 1.2952 0.0025
/ 0.7965 0.0022
/ 139.07 0.7493
/ 1.2556 0.0034
/$ 1.6262 0.0014
/ 174.69 0.4464
FTSE 100
6806.96
7.34
FTSE 250
15711.85
90.50
FTSE ALL SHARE
3627.85
6.68
DOW JONES
16,987.51
61.49
NASDAQ
4567.60
24.21
S&P 500
1985.54
11.91
CONSTRUCTION & MATERIALS
BAE Systems . . . . . . . . .459.0 2.0 468.0 376.0
Cobham . . . . . . . . . . . . .292.1 2.8 327.8 254.9
Meggitt . . . . . . . . . . . . .485.4 -0.2 572.5 447.7
QinetiQ Group . . . . . . . .225.7 3.0 236.7 180.8
Rolls-Royce Holdi . . . .1025.0 3.0 1289.0 961.5
Senior . . . . . . . . . . . . . .282.9 1.1 315.5 252.9
Ultra Electronics . . . . .1765.0 14.0 1971.0 1665.0
GKN . . . . . . . . . . . . . . . .347.8 3.0 414.9 337.8
Bank of Georgia H . . .2401.0 56.0 2678.0 1827.0
Barclays . . . . . . . . . . . .230.0 4.5 296.5 207.9
HSBC Holdings . . . . . . .657.4 3.0 703.2 589.0
Lloyds Banking Gr . . . . . .74.6 0.5 86.3 70.9
Royal Bank of Sco . . . . .349.7 3.7 384.9 295.5
Standard Chartere . . .1244.0 -1.0 1564.0 1184.5
Barr (A.G.) . . . . . . . . . . .622.5 10.0 672.0 502.0
Britvic . . . . . . . . . . . . . .686.0 15.5 777.5 554.5
Coca-Cola HBC AG . . . .1373.0 -7.0 1970.0 1287.0
Diageo . . . . . . . . . . . . .1812.5 -1.5 2060.5 1709.5
SABMiller . . . . . . . . . .3405.5 -14.0 3479.0 2661.0
Stock Spirits Gro . . . . . .291.0 0.5 315.0 225.0
Alent . . . . . . . . . . . . . . .347.8 3.8 385.0 300.0
Croda Internation . . . .2194.0 15.0 2738.0 2101.0
Elementis . . . . . . . . . . . .271.8 1.5 297.8 230.4
Johnson Matthey . . . .3170.0 20.0 3440.0 2714.0
Synthomer . . . . . . . . . . .226.1 0.4 291.8 207.9
Victrex plc . . . . . . . . . .1729.0 14.0 2026.0 1549.0
Balfour Beatty . . . . . . .226.0 -1.0 321.4 216.3
CRH . . . . . . . . . . . . . . .1482.0 2.0 1788.0 1343.0
Galliford Try . . . . . . . . .1237.0 1.0 1354.0 1023.0
Keller Group . . . . . . . . .921.0 7.0 1299.0 844.0
Pets at Home Grou . . . .175.0 0.0 246.0 170.0
Poundland Group . . . . .318.5 4.3 390.0 287.0
Sports Direct Int . . . . . . .712.5 -1.5 922.0 647.0
Ted Baker . . . . . . . . . .1843.0 26.0 2327.0 1660.0
WH Smith . . . . . . . . . .1093.0 4.0 1227.0 818.0
AL Noor Hospitals . . . .1055.0 0.0 1168.0 805.0
NMC Health . . . . . . . . . .479.0 17.5 540.0 314.3
Smith & Nephew . . . . .1075.0 4.0 1100.0 747.5
Synergy Health . . . . . .1477.0 13.0 1519.0 995.0
Barratt Developme . . . .389.3 10.0 451.8 302.1
Bellway . . . . . . . . . . . .1609.0 17.0 1691.0 1258.0
Berkeley Group Ho . . .2365.0 20.0 2780.0 2015.0
Bovis Homes Group . . .836.5 14.5 943.5 700.5
Crest Nicholson H . . . . .337.0 1.0 412.6 324.3
Persimmon . . . . . . . . .1369.0 21.0 1471.0 1061.0
Reckitt Benckiser . . . .5415.0 50.0 5420.0 4269.0
Redrow . . . . . . . . . . . . . .281.1 5.9 344.5 227.0
Taylor Wimpey . . . . . . . .113.4 1.4 131.0 97.0
Bodycote . . . . . . . . . . .696.0 2.0 828.5 596.0
Fenner . . . . . . . . . . . . .360.6 2.6 485.0 327.9
IMI . . . . . . . . . . . . . . . . .1311.0 0.0 1608.0 1303.0
Melrose Industrie . . . . .254.5 0.2 328.5 252.0
Kier Group . . . . . . . . . .1683.0 3.0 1939.0 1605.0
Drax Group . . . . . . . . . .654.5 -2.0 822.5 595.0
Innis Energy . . . . . . . .210.0 -1.0 273.0 200.0
SSE . . . . . . . . . . . . . . . .1490.0 5.0 1595.0 1300.0
Domino Printing S . . . .608.5 6.0 863.0 576.0
Halma . . . . . . . . . . . . . .625.0 5.0 636.5 528.0
Hellermanntyton G . . . .313.8 4.5 335.6 261.3
Laird . . . . . . . . . . . . . . .294.3 -0.3 330.0 217.0
Morgan Advanced M . .320.0 3.2 365.0 285.0
Oxford Instrument . . . .1175.0 5.0 1814.0 1143.0
Renishaw . . . . . . . . . .1663.0 36.0 2223.0 1470.0
Spectris . . . . . . . . . . . .1989.0 11.0 2561.0 1904.0
Xaar . . . . . . . . . . . . . . . .405.1 -0.7 1162.0 400.0
Aberforth Smaller . . . .1030.0 0.0 1232.0 966.0
Alliance Trust . . . . . . . . .457.4 1.5 461.9 422.5
Bankers Inv Trust . . . . . .571.5 2.5 595.0 550.0
BHGlobal Ltd. GB . . . . .1210.0 1.0 1217.0 1155.0
BHMacro Ltd. GBP . . . .2011.0 1.0 2155.0 1920.0
BlackRock World M . . . .476.4 -3.2 518.5 430.1
BlueCrest AllBlue . . . . . .185.9 0.1 186.0 169.3
British Empire Se . . . . .523.0 2.0 524.5 473.0
Caledonia Investm . . .2161.0 22.0 2280.0 1765.0
City of London In . . . . .380.4 2.6 389.2 354.3
Edinburgh Inv Tru . . . .605.0 4.5 621.0 563.0
Electra Private E . . . . .2714.0 14.0 2775.0 2176.0
Fidelity China Sp . . . . . .122.4 -0.5 123.2 95.3
Fidelity European . . . . .155.0 1.1 161.0 144.0
Foreign and Colon . . . .399.3 0.8 400.9 360.0
Genesis Emerging . . . .576.0 6.0 576.0 476.6
HICL Infrastructu . . . . . .144.0 0.4 146.4 128.7
International Pub . . . . .135.6 1.3 135.7 124.0
John Laing Infras . . . . . .118.9 1.1 120.7 111.8
JPMorgan American . . .260.7 1.8 261.9 218.2
JPMorgan Emerging . .590.0 -7.5 603.5 501.0
Law Debenture Cor . . .528.0 6.0 560.0 497.6
Mercantile Invest . . . . .1447.0 10.0 1664.0 1354.0
Monks Inv Trust . . . . . .386.0 1.5 404.9 363.0
Murray Internatio . . . .1105.0 17.0 1151.0 921.0
NB Global Floatin . . . . . .97.0 0.4 106.5 96.6
Perpetual Income . . . .373.0 1.5 394.0 345.7
Personal Assets T . . .34190.0 50.0 34350.031860.0
Polar Capital Tec . . . . . .507.0 0.0 510.5 431.0
RIT Capital Partn . . . . .1370.0 -2.0 1380.0 1215.0
Riverstone Energy . . . .899.5 4.5 970.0 871.0
Scottish Inv Trus . . . . . .602.0 2.5 606.5 566.5
Scottish Mortgage . . . .233.0 3.6 234.0 182.4
Temple Bar Inv Tr . . . .1220.0 6.0 1285.0 1160.0
Templeton Emergin . . .608.0 -3.5 623.5 493.5
TR Property Inv T . . . . .265.4 0.4 274.0 209.0
Witan Inv Trust . . . . . . .711.0 6.0 724.0 614.0
Worldwide Healthc . .1464.0 9.0 1481.0 1130.0
3i Group . . . . . . . . . . . . .378.2 3.4 435.3 341.6
3i Infrastructure . . . . . . .137.8 -0.8 140.5 125.9
Aberdeen Asset Ma . . .432.2 1.0 500.0 363.3
Arrow Global Grou . . . .245.3 3.8 270.3 212.3
Ashmore Group . . . . . .328.2 1.2 419.8 298.0
Brewin Dolphin Ho . . . .276.9 7.9 356.3 263.0
Camellia . . . . . . . . . . .9950.0 200.0 11220.0 8450.0
Charles Taylor . . . . . . . .242.3 2.3 287.0 201.0
City of London Gr . . . . . .20.0 0.0 66.0 17.3
City of London In . . . . .320.3 -8.8 337.8 225.3
Close Brothers Gr . . . .1396.0 17.0 1470.0 1120.0
Hargreaves Lansdo . . .1005.0 1.0 1549.0 978.5
Henderson Group . . . . .220.0 2.5 270.3 183.0
ICAP . . . . . . . . . . . . . . .360.4 2.7 458.7 342.8
IG Group Holdings . . . .599.0 5.0 652.5 560.5
Intermediate Capi . . . .403.9 11.7 496.8 372.7
International Per . . . . . .513.0 9.0 675.0 455.2
Investec . . . . . . . . . . . .558.0 -3.0 563.0 384.2
IP Group . . . . . . . . . . . . .213.0 2.9 224.9 134.6
Jupiter Fund Mana . . . .359.5 5.5 436.8 352.0
Liontrust Asset M . . . . .226.0 2.5 283.5 211.5
LMS Capital . . . . . . . . . . .86.5 0.3 87.8 72.0
London Finance & . . . . .32.5 0.0 34.5 30.5
London Stock Exch . . .1869.0 2.0 1920.6 1390.9
Man Group . . . . . . . . . . .122.7 3.0 126.1 78.4
Paragon Group Of . . . .340.0 -0.8 418.7 309.5
Provident Financi . . . .2139.0 27.0 2284.0 1549.0
Rathbone Brothers . . .1939.0 19.0 2166.0 1479.0
Real Estate Credi . . . . . .163.3 0.3 167.0 147.0
Record . . . . . . . . . . . . . . .35.0 -0.4 43.8 28.3
S&U . . . . . . . . . . . . . . .1870.0 28.0 2105.0 1310.0
Schroders . . . . . . . . . .2447.0 20.0 2727.0 2213.0
SVG Capital . . . . . . . . . .408.1 2.5 466.0 374.0
Tullett Prebon . . . . . . . .276.1 0.6 393.0 239.0
Walker Crips Grou . . . . .46.8 0.0 52.8 41.5
BT Group . . . . . . . . . . . .389.4 1.6 418.1 340.6
Cable & Wireless . . . . . .46.8 0.0 57.4 39.2
COLT Group SA . . . . . . . .141.3 -1.0 153.9 114.4
TalkTalk Telecom . . . . .307.6 2.7 333.1 241.6
TelecomPlus . . . . . . . .1350.0 -2.0 1929.0 1179.0
Booker Group . . . . . . . . .118.5 0.4 176.5 117.8
Morrison (Wm) Sup . . .176.5 -1.3 302.5 165.5
Ocado Group . . . . . . . .306.6 -6.1 617.0 297.3
Sainsbury (J) . . . . . . . . .287.1 1.8 414.6 209.5
Tesco . . . . . . . . . . . . . . .228.7 -1.6 378.3 225.6
UDG Healthcare Pu . . . .345.9 4.0 373.0 294.0
Associated Britis . . . . .2621.0 -56.0 3125.0 1806.0
Cranswick . . . . . . . . . .1302.0 -6.0 1365.0 1055.0
Dairy Crest Group . . . .400.0 0.7 560.5 396.6
Greencore Group . . . . .259.0 -1.4 301.0 137.0
Tate & Lyle . . . . . . . . . .698.0 2.0 821.0 624.0
Unilever . . . . . . . . . . .2696.0 4.0 2729.0 2306.0
Mondi . . . . . . . . . . . . .1063.0 4.0 1123.0 904.5
Centrica . . . . . . . . . . . . .322.0 -1.6 402.2 304.5
National Grid . . . . . . . . .897.5 -6.0 916.0 730.5
Pennon Group . . . . . . . .811.5 1.0 826.5 631.0
Severn Trent . . . . . . . .1946.0 -14.0 2000.0 1637.0
United Utilities . . . . . .849.0 -5.0 908.0 641.5
Rexam . . . . . . . . . . . . .496.3 1.0 547.5 477.7
RPC Group . . . . . . . . . . .541.5 2.0 658.5 446.1
Smith (DS) . . . . . . . . . .284.9 1.2 355.3 258.8
Smiths Group . . . . . . . .1353.0 11.0 1525.0 1224.0
Vesuvius . . . . . . . . . . . .461.9 -1.5 510.5 413.2
AO World . . . . . . . . . . . .194.2 4.2 378.0 190.0
Brown (N.) Group . . . . .418.2 5.2 599.0 402.9
Debenhams . . . . . . . . . .63.8 -0.6 111.8 61.8
Dignity . . . . . . . . . . . . .1437.0 -7.0 1531.0 1300.0
Dixons Carphone . . . . .372.2 3.2 375.1 221.8
DunelmGroup . . . . . . .848.0 -9.0 1014.0 763.5
Halfords Group . . . . . . .466.0 -0.1 511.5 370.5
Home Retail Group . . . .174.9 0.9 223.3 162.5
Inchcape . . . . . . . . . . . .679.0 3.0 689.5 556.5
JD Sports Fashion . . . . .403.0 10.0 456.3 242.9
Just Eat . . . . . . . . . . . . .297.6 4.7 298.1 197.0
Kingsher . . . . . . . . . . .319.0 -1.0 444.2 295.4
Marks & Spencer G . . . .425.0 -0.7 513.5 416.6
Next . . . . . . . . . . . . . .6945.0 -5.0 7215.0 4940.0
Price Chg High Low
Rotork . . . . . . . . . . . . .2764.0 -25.0 2894.0 2352.0
Spirax-Sarco Engi . . . .2864.0 17.0 3101.0 2561.0
Weir Group . . . . . . . . .2704.0 -16.0 2761.0 2050.0
Evraz . . . . . . . . . . . . . . . .117.9 2.1 139.9 54.4
Ferrexpo . . . . . . . . . . . . .127.2 0.0 199.0 121.8
BBA Aviation . . . . . . . . .322.0 4.0 353.4 293.0
Fisher (James) & . . . .1359.0 29.0 1552.0 1059.0
Royal Mail . . . . . . . . . . .423.4 0.8 615.0 403.8
Admiral Group . . . . . . .1243.0 8.0 1575.0 1195.0
Amlin . . . . . . . . . . . . . .429.6 -0.9 490.8 389.3
Beazley . . . . . . . . . . . . .259.0 1.0 280.3 203.5
Brit . . . . . . . . . . . . . . . .248.0 6.9 260.0 204.8
Catlin Group Ltd. . . . . .502.0 1.5 586.5 468.0
Direct Line Insur . . . . . .296.1 3.9 304.2 207.0
esure Group . . . . . . . . .235.2 1.1 291.0 212.3
Hiscox Ltd (CDI) . . . . . .632.0 5.0 737.6 622.5
Jardine Lloyd Tho . . . .1005.0 4.0 1095.0 910.0
Lancashire Holdin . . . . .612.0 3.0 820.0 591.5
RSA Insurance Gro . . . .475.0 1.9 573.0 399.9
Moneysupermarket. . . .195.0 6.4 200.0 142.4
Pearson . . . . . . . . . . . .1178.0 24.0 1365.0 998.0
PerformGroup . . . . . . .259.0 0.8 570.0 180.0
Reed Elsevier . . . . . . . .992.5 5.5 999.0 811.0
Rightmove . . . . . . . . .2336.0 15.0 2805.0 2079.0
STV Group . . . . . . . . . . .355.0 -2.8 379.0 244.0
Tarsus Group . . . . . . . . .207.8 0.0 252.3 196.5
Trinity Mirror . . . . . . . . .179.0 -4.8 233.5 121.0
UBM . . . . . . . . . . . . . . .604.5 0.0 746.5 596.0
UTV Media . . . . . . . . . . .199.3 0.0 263.8 180.0
WPP . . . . . . . . . . . . . . .1272.0 3.0 1383.0 1175.0
African Barrick G . . . . . .226.2 -4.0 320.0 135.8
Anglo American . . . . .1483.0 -12.0 1648.0 1226.5
Antofagasta . . . . . . . . .764.0 -3.0 959.0 746.5
BHP Billiton . . . . . . . . .1848.5 -0.5 2096.0 1754.5
Centamin (DI) . . . . . . . . .62.2 1.1 75.0 38.6
Fresnillo . . . . . . . . . . . . .816.0 -3.0 1198.0 674.5
Glencore . . . . . . . . . . . .358.8 -2.4 377.5 297.0
Hochschild Mining . . . . .161.5 1.4 277.8 120.3
Kazakhmys . . . . . . . . . .280.4 -7.4 354.0 171.5
Lonmin . . . . . . . . . . . . . .213.7 -0.1 348.3 211.4
Petra Diamonds Lt . . . .196.3 0.6 216.6 107.5
Polymetal Interna . . . .505.0 1.5 735.0 477.3
Aviva . . . . . . . . . . . . . . .525.5 -5.5 534.0 396.8
Friends Life Grou . . . . .303.4 2.1 382.6 277.0
Just Retirement G . . . . .139.0 2.6 272.0 134.5
Legal & General G . . . . .238.1 1.5 243.5 186.5
Old Mutual . . . . . . . . . .194.0 -2.4 209.4 171.1
Phoenix Group Hol . . . .712.0 -1.0 788.5 619.0
Prudential . . . . . . . . . .1427.0 0.5 1455.0 1138.0
St James's Place . . . . . .700.0 3.5 879.5 601.0
Standard Life . . . . . . . .410.6 -2.8 417.2 333.2
4Imprint Group . . . . . . .745.5 2.5 755.0 544.0
Bloomsbury Publis . . . .170.3 -0.3 188.5 142.5
British Sky Broad . . . . .874.0 6.0 950.0 785.0
Centaur Media . . . . . . . .59.8 0.8 76.0 44.8
Chime Communicati . . .310.3 -5.0 374.3 300.3
Creston . . . . . . . . . . . . . .115.0 1.8 115.5 81.0
Entertainment One . . .329.0 3.0 360.0 216.9
Euromoney Institu . . .1086.0 -4.0 1388.0 1014.0
Future . . . . . . . . . . . . . . . .8.5 0.2 19.1 5.9
Haynes Publishing . . . . .177.5 0.0 225.0 175.0
Huntsworth . . . . . . . . . .50.5 0.5 72.0 39.4
Informa . . . . . . . . . . . . .513.5 4.0 573.5 470.7
ITE Group . . . . . . . . . . .202.8 -1.7 322.3 189.5
ITV . . . . . . . . . . . . . . . . .216.5 -0.3 222.0 169.5
Johnston Press . . . . . . . . .3.9 0.0 8.4 3.6
MecomGroup . . . . . . . .149.0 0.3 153.0 39.0
Randgold Resource . .4625.0 -27.0 5235.0 3608.0
Rio Tinto . . . . . . . . . . .3205.0 1.0 3627.5 2957.5
Vedanta Resources . . .1064.0 -4.0 1191.0 775.0
Inmarsat . . . . . . . . . . . .719.0 6.0 771.0 666.0
Vodafone Group . . . . . .203.7 0.2 252.3 189.0
Afren . . . . . . . . . . . . . . . .97.0 1.9 169.3 94.2
BG Group . . . . . . . . . . .1178.5 -3.0 1351.5 1008.5
BP . . . . . . . . . . . . . . . . .470.2 -2.1 523.9 432.3
Cairn Energy . . . . . . . . .176.2 -0.1 289.4 151.3
EnQuest . . . . . . . . . . . . .112.2 1.2 147.9 111.0
Ophir Energy . . . . . . . . .231.3 2.3 362.1 194.0
Premier Oil . . . . . . . . . .337.6 2.4 357.7 268.1
Royal Dutch Shell . . . .2387.5 -15.5 2453.0 1987.0
Royal Dutch Shell . . . .2482.0 -18.0 2592.0 2077.5
Soco Internationa . . . . .411.0 6.0 474.8 382.1
Tullow Oil . . . . . . . . . . .706.5 9.0 1080.0 697.0
Amec . . . . . . . . . . . . . .1090.0 3.0 1262.0 1020.0
Hunting . . . . . . . . . . . . .871.5 17.5 917.5 731.0
Petrofac Ltd. . . . . . . . .1062.0 -11.0 1478.0 1056.0
Wood Group (John) . . .745.0 12.0 835.0 634.5
Burberry Group . . . . . .1537.0 18.0 1657.0 1374.0
PZ Cussons . . . . . . . . . .376.7 1.7 431.7 337.1
Supergroup . . . . . . . . .1230.0 16.0 1744.0 853.5
AstraZeneca . . . . . . . .4522.0 -17.0 4823.5 3113.0
BTG . . . . . . . . . . . . . . . .664.5 16.5 666.0 368.6
Circassia Pharmac . . . .298.8 0.4 318.0 268.0
Dechra Pharmaceut . . .764.5 -0.5 773.0 657.0
Genus . . . . . . . . . . . . . .1155.0 5.0 1450.0 940.0
GlaxoSmithKline . . . . .1441.0 11.0 1690.5 1377.0
Hikma Pharmaceuti . .1656.0 3.0 1817.0 1027.0
Shire Plc . . . . . . . . . . .5295.0 70.0 5300.0 2381.0
Capital & Countie . . . . .330.8 0.6 392.0 316.2
Countrywide . . . . . . . . .499.1 0.1 696.0 463.0
Daejan Holdings . . . . .4755.0 12.0 5125.0 3652.0
F&C Commercial Pr . . . .126.4 0.1 127.7 113.7
Foxtons Group . . . . . . .230.4 -1.8 398.8 229.9
Grainger . . . . . . . . . . . .192.4 1.6 248.0 169.5
Kennedy Wilson Eu . . .1115.0 9.0 1125.0 1000.0
Redene Internat . . . . . .51.7 0.2 61.0 43.4
Savills . . . . . . . . . . . . . . .612.5 4.5 679.5 571.5
St. Modwen Proper . . . .372.7 0.7 418.0 297.0
UK Commercial Pro . . . . .81.3 0.4 83.2 74.0
Unite Group . . . . . . . . .438.5 3.4 452.3 355.6
Big YellowGroup . . . . .535.0 12.5 571.5 416.3
British Land Co . . . . . . .720.0 -0.5 733.0 568.0
Derwent London . . . . .2745.0 13.0 2843.0 2306.0
Great Portland Es . . . . .641.0 9.0 672.5 536.5
Hammerson . . . . . . . . .599.5 4.0 619.0 489.6
Hansteen Holdings . . . .101.0 0.5 114.2 98.1
Intu Properties . . . . . . .341.2 1.4 348.4 275.5
Land Securities G . . . .1058.0 1.0 1105.0 901.5
LondonMetric Prop . . . . .141.1 1.7 149.0 114.5
SEGRO . . . . . . . . . . . . . .362.0 2.1 378.8 299.4
Shaftesbury . . . . . . . . .673.0 3.0 693.5 579.5
Workspace Group . . . .638.0 3.0 642.0 414.7
Aveva Group . . . . . . . .1620.0-548.0 2650.0 1603.0
Computacenter . . . . . .650.0 18.0 718.5 505.0
Fidessa Group . . . . . . .2248.0 19.0 2615.0 1895.0
Micro Focus Inter . . . . .842.5 6.0 894.0 721.5
Playtech . . . . . . . . . . . . .718.0 10.5 836.5 579.0
Sage Group . . . . . . . . . .382.8 -0.1 435.5 312.9
Telecity Group . . . . . . . .770.5 10.0 850.0 631.0
Aggreko . . . . . . . . . . . .1624.0 -28.0 1774.0 1449.7
Ashtead Group . . . . . .1028.0 7.0 1031.0 588.0
Atkins (WS) . . . . . . . . .1367.0 23.0 1502.0 1110.0
Babcock Internati . . . .1065.0 5.0 1297.0 1022.8
Berendsen . . . . . . . . . .1015.0 3.0 1128.0 875.0
Bunzl . . . . . . . . . . . . . .1608.0 -9.0 1690.0 1295.0
Capita . . . . . . . . . . . . . .1182.0 5.0 1235.0 959.5
Carillion . . . . . . . . . . . . .325.7 0.0 382.9 288.3
DCC . . . . . . . . . . . . . . .3449.0 17.0 3683.0 2467.0
De La Rue . . . . . . . . . . . .747.5 4.0 1034.0 710.5
Diploma . . . . . . . . . . . .685.5 7.0 775.0 600.5
Electrocomponents . . .238.5 -1.4 302.0 229.9
Essentra . . . . . . . . . . . .835.5 1.5 915.0 713.0
Exova Group . . . . . . . . .187.0 6.0 254.0 173.1
Experian . . . . . . . . . . .1066.0 5.0 1270.0 968.5
G4S . . . . . . . . . . . . . . . .259.5 4.9 273.5 228.0
Grafton Group Uni . . . . .651.5 13.5 700.0 538.0
Hays . . . . . . . . . . . . . . . .128.4 0.5 156.0 111.5
Homeserve . . . . . . . . . .320.0 5.0 350.9 228.7
Howden Joinery Gr . . . .353.6 8.9 392.1 284.9
Interserve . . . . . . . . . . .633.5 3.0 745.0 555.0
Intertek Group . . . . . .2742.0 14.0 3392.0 2533.0
Michael Page Inte . . . . .455.5 1.3 507.0 418.5
Mitie Group . . . . . . . . . .305.8 4.2 345.6 283.9
Northgate . . . . . . . . . . .504.5 4.0 615.5 396.0
PayPoint . . . . . . . . . . .1049.0 1.0 1196.0 999.0
Premier Farnell . . . . . . .189.9 0.9 240.5 177.9
Regus . . . . . . . . . . . . . . .172.4 -0.5 234.5 170.4
Rentokil Initial . . . . . . . .124.3 0.0 133.1 101.5
RPS Group . . . . . . . . . . .277.8 0.4 359.6 241.0
Serco Group . . . . . . . . . .315.8 1.8 574.5 304.3
SIG . . . . . . . . . . . . . . . . .176.9 0.8 216.3 164.2
Travis Perkins . . . . . . .1684.0 14.0 1982.0 1574.0
Wolseley . . . . . . . . . . .3276.0 29.0 3531.0 3020.0
ARM Holdings . . . . . . . .954.5 6.0 1110.0 833.5
CSR . . . . . . . . . . . . . . . .766.0 17.5 806.5 477.9
Imagination Techn . . . .200.4 -3.3 352.3 159.7
Pace . . . . . . . . . . . . . . .306.3 -1.6 483.5 249.5
Spirent Communica . . .105.0 0.1 134.8 85.9
British American . . . .3629.5 9.5 3650.0 2881.0
Imperial Tobacco . . . .2753.0 49.0 2759.0 2174.0
Betfair Group . . . . . . . .1120.0 24.0 1149.0 933.5
Bwin.party Digita . . . . . .99.3 3.9 133.9 80.2
Carnival . . . . . . . . . . . .2383.0 8.0 2600.0 2030.0
Cineworld Group . . . . .330.6 2.6 398.3 291.3
Compass Group . . . . . .973.5 -2.5 1053.6 833.9
Domino's Pizza Gr . . . .589.5 0.5 615.0 469.0
easyJet . . . . . . . . . . . .1395.0 7.0 1827.0 1200.0
Enterprise Inns . . . . . . . .117.1 -1.1 168.1 114.0
FirstGroup . . . . . . . . . . . .121.7 -1.5 145.9 111.1
Go-Ahead Group . . . .2359.0 56.0 2407.0 1532.0
Greene King . . . . . . . . .792.5 7.5 925.0 764.0
InterContinental . . . .2349.0 24.0 2475.0 1771.9
International Con . . . . .374.0 -0.3 454.6 314.4
Ladbrokes . . . . . . . . . . .129.8 2.1 201.7 127.3
Marston's . . . . . . . . . . . .146.3 -0.7 163.5 138.2
Merlin Entertainm . . . .353.0 10.9 391.5 328.7
Millennium& Copt . . . .572.0 -2.0 615.5 543.0
Mitchells & Butle . . . . .405.0 2.3 491.3 373.0
National Express . . . . .247.5 0.7 304.9 246.3
Rank Group . . . . . . . . . .160.0 1.0 175.8 128.0
Restaurant Group . . . . .656.5 23.5 713.0 518.0
Stagecoach Group . . . . .367.2 0.4 399.3 322.4
Thomas Cook Group . . .135.0 3.5 189.0 115.2
TUI Travel . . . . . . . . . . . .360.1 -1.6 450.0 353.5
Wetherspoon (J.D. . . . .770.0 8.0 882.0 680.0
Whitbread . . . . . . . . . .4247.0 -81.0 4487.0 2937.0
WilliamHill . . . . . . . . . .346.3 3.3 431.2 320.3
Abcam . . . . . . . . . . . . . .427.5 -2.3 524.5 350.5
Advanced Computer . . .117.0 0.0 127.8 82.5
Advanced Medical . . . .122.3 0.8 130.5 86.0
Alternative Netwo . . . .493.0 -11.0 585.5 326.8
Amerisur Resource . . . . .61.3 -1.0 66.3 42.3
Arbuthnot Banking . . .1134.5 0.0 1490.0 906.3
ASOS . . . . . . . . . . . . . .2333.0 -171.0 7050.0 2176.0
Avanti Communicat . . .183.3 -3.0 328.0 170.3
Blinkx . . . . . . . . . . . . . . .43.0 0.8 230.0 30.5
Brooks Macdonald . . .1447.5 0.0 1809.0 1302.0
Clinigen Group . . . . . . .469.8 3.5 675.0 359.3
Daisy Group . . . . . . . . . .188.3 0.4 204.0 137.0
Dart Group . . . . . . . . . .224.3 0.8 300.5 190.0
DX (Group) . . . . . . . . . . .116.0 1.0 145.3 113.0
EMIS Group . . . . . . . . . .755.5 -15.5 773.5 562.5
Faroe Petroleum . . . . . .112.0 4.5 153.0 104.0
First Derivatives . . . . . .945.0 -5.0 1583.0 757.5
Gemelds . . . . . . . . . . . .49.0 0.8 52.3 24.0
GLOBO . . . . . . . . . . . . . . .49.0 -0.3 87.5 40.8
GWPharmaceutical . . .463.0 1.3 523.5 70.8
Hargreaves Servic . . . . .615.5 -11.0 904.0 613.5
IGas Energy . . . . . . . . . .99.5 0.5 160.3 98.0
Iomart Group . . . . . . . .274.5 -4.5 319.0 206.1
James Halstead . . . . . .290.5 2.3 334.8 260.3
M. P. Evans Group . . . . .472.4 -0.1 493.5 430.3
Majestic Wine . . . . . . . .397.8 7.8 590.0 386.0
Monitise . . . . . . . . . . . . .46.5 3.0 80.0 40.5
Mulberry Group . . . . . .768.5 18.5 1075.0 636.5
Nanoco Group . . . . . . . .108.8 0.0 184.3 86.0
Nichols . . . . . . . . . . . . .995.3 5.3 1237.0 919.5
Numis Corporation . . . .252.3 9.8 344.8 219.8
Pan African Resou . . . . . .14.3 0.3 16.5 12.0
Parkmead Group (T . . .216.0 4.8 294.5 163.1
Plexus Holdings . . . . . .248.5 1.5 321.0 236.5
Polar Capital Hol . . . . . .421.3 -4.5 563.0 405.0
Prezzo . . . . . . . . . . . . . .137.0 -3.0 162.0 113.0
Quadrise Fuels In . . . . . .36.5 0.3 49.0 15.5
Quindell . . . . . . . . . . . . .170.0 -2.0 660.0 158.5
Rockhopper Explor . . . . .91.5 1.0 158.5 86.0
RWS Holdings . . . . . . . .760.0 6.0 1018.0 731.5
Secure Trust Bank . . . .2315.0 45.0 2975.0 2150.0
Smart Metering Sy . . . .345.5 2.3 425.5 292.5
Songbird Estates . . . . . .252.1 -0.4 259.8 142.5
Stafine Group . . . . . . .861.0 0.0 1010.0 469.5
Telit Communicati . . . . .277.3 7.3 286.8 101.0
Tungsten Corporat . . . .380.8 -5.5 399.0 203.0
Utilitywise . . . . . . . . . . .288.5 2.3 370.0 145.5
Velocys . . . . . . . . . . . . .228.3 1.5 236.3 125.0
Vertu Motors . . . . . . . . . .56.3 -0.5 66.5 50.3
Young & Co's Brew . . . .982.3 -0.5 1097.5 915.0
Bwin.party Digital . . . . . . . . . . . .99.3 4.1
NMC Health . . . . . . . . . . . . . . . .479.0 3.8
Restaurant Group . . . . . . . . . . .656.5 3.7
Moneysupermarket.c . . . . . . . . .195.0 3.4
Exova Group . . . . . . . . . . . . . . . .187.0 3.3
Merlin Entertainme . . . . . . . . . .353.0 3.2
Intermediate Capit . . . . . . . . . .403.9 3.0
Brewin Dolphin Hol . . . . . . . . . .276.9 2.9
Brit . . . . . . . . . . . . . . . . . . . . . . .248.0 2.9
Computacenter . . . . . . . . . . . . .650.0 2.9
Aveva Group . . . . . . . . . . . . . . .1620.0 -25.3
Kazakhmys . . . . . . . . . . . . . . . .280.4 -2.6
Associated British . . . . . . . . . . .2621.0 -2.1
Ocado Group . . . . . . . . . . . . . . .306.6 -2.0
Whitbread . . . . . . . . . . . . . . . .4247.0 -1.9
African Barrick Go . . . . . . . . . . .226.2 -1.7
Aggreko . . . . . . . . . . . . . . . . . .1624.0 -1.7
Imagination Techno . . . . . . . . .200.4 -1.6
JPMorgan Emerging . . . . . . . . .590.0 -1.3
FirstGroup . . . . . . . . . . . . . . . . . .121.7 -1.2
Risers Fallers
MAIN CHANGES UK 350
Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low Price Chg High Low
Price Chg High Low Price Chg High Low
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AIM 50
Tsy 4.000 13 . . . . . .100.08 0.17 101.5 90.8
Tsy 5.000 14 . . . . . .100.00 -0.02 104.6 100.0
Tsy 4.750 15 . . . . . .104.20 0.02 108.5 104.2
Tsy 8.000 15 . . . . . .109.32 -0.01 116.7 109.3
Tsy 2.500 16 . . . . . . .334.71 0.04 343.7 334.2
Tsy 4.000 16 . . . . . .106.32 0.08 109.5 106.1
Tsy 8.750 17 . . . . . . .122.00 0.07 128.9 121.8
Tsy 1.250 17 . . . . . . .109.14 0.08 113.1 108.5
Tsy 5.000 18 . . . . . . .112.36 0.12 116.0 111.7
Tsy 3.750 19 . . . . . . .109.61 0.16 111.6 108.0
Tsy 4.500 19 . . . . . . .112.47 0.14 115.2 111.2
Tsy 4.750 20 . . . . . . .115.27 0.15 117.9 113.5
Tsy 2.500 20 . . . . . .366.63 0.13 370.8 358.4
Tsy 8.000 21 . . . . . . .137.77 0.11 141.7 135.7
Tsy 4.000 22 . . . . . . .113.10 0.16 113.8 109.1
Tsy 1.875 22 . . . . . . .122.42 0.10 124.3 118.8
Tsy 2.500 24 . . . . . .339.34 0.08 340.8 320.1
Tsy 5.000 25 . . . . . .123.43 0.15 124.6 116.7
Tsy 1.250 27 . . . . . . .123.38 0.09 124.2 115.5
Tsy 4.250 27 . . . . . . .117.75 0.15 119.1 109.1
Tsy 6.000 28 . . . . . .139.14 0.15 140.7 129.7
Tsy 4.750 30 . . . . . . .125.10 0.15 126.9 115.7
Tsy 4.125 30 . . . . . . .325.21 -0.01 327.9 303.4
Tsy 4.250 32 . . . . . . .118.97 0.09 120.9 109.3
Tsy 1.250 32 . . . . . . .130.48 -0.03 131.9 120.3
Tsy 4.250 36 . . . . . . .119.77 0.01 122.1 109.2
Tsy 4.750 38 . . . . . .129.66 -0.02 132.5 118.0
Tsy 0.625 40 . . . . . .124.30 -0.23 126.5 110.9
Tsy 4.500 42 . . . . . . .127.12 -0.07 130.4 114.7
Tsy 3.500 45 . . . . . .107.64 -3.95 110.5 100.6
Tsy 4.025 49 . . . . . .125.45 -0.14 129.3 111.1
INDUSTRIAL METALS &MINING
GENERAL RETAILERS
SOFTWARE & COMPUTER SERV.
LIFE INSURANCE
WORLD INDICES
FTSE 100 . . . . . . . . . . . . . . . . . . . . 6806.96 7.34 0.11
FTSE 250 . . . . . . . . . . . . . . . . . . . . . 15711.85 90.50 0.58
FTSE All-Share . . . . . . . . . . . . . . . . 3627.85 6.68 0.18
FTSE AIM All-Share . . . . . . . . . . . . . 776.94 0.87 0.11
S&P 500 . . . . . . . . . . . . . . . . . . . . . 1985.54 -11.91 -0.60
DowJones I.A. . . . . . . . . . . . . . . . 16,987.51 -61.49 -0.36
Nasdaq Composite . . . . . . . . . . . . 4567.60 -24.21 -0.53
Xetra DAX. . . . . . . . . . . . . . . . . . . . . 9651.13 -40.15 -0.41
CAC 40 . . . . . . . . . . . . . . . . . . . . . . 4441.70 0.80 0.02
Swiss Market Index . . . . . . . . . . . . 8795.93 -33.08 -0.37
ISEQ Overall Index . . . . . . . . . . . . . 4901.74 12.65 0.26
FTSEurorst 300 . . . . . . . . . . . . . . . 1382.98 0.27 0.02
Hang Seng . . . . . . . . . . . . . . . . . . 24595.32 -67.32 -0.27
Shanghai Composite . . . . . . . . . . . 2331.95 20.27 0.88
Straits Times . . . . . . . . . . . . . . . . . 3345.55 -1.73 -0.05
Sao Paulo Bovespa . . . . . . . . . . . 58337.29 138.63 0.24
Price Chg %chg Price Chg %chg Price Chg %chg Price Chg %chg
MONDAY 15 SEPTEMBER 2014
15
MARKETS
cityam.com
T
HIS week will see the most
crucial poll in the United
Kingdom for centuries a
poll on whether the UK will
stay as it is or Scotland will
choose to leave the Union. The
business world has led with the
view that this is a matter for the
Scottish people. But this is also a
cop out. Business must make its
voice heard not in the sense of
expressing a view on how people
should vote, but rather to ensure
that, as far as possible, voters are
informed of the consequences of
their actions.
Individuals make complex and
significant decisions all the time,
such as making a lifestyle change
or giving up highly-paid jobs to do
T
HE WAY we handle uncertainty
determines our future. Many of
mankinds self-created
problems, from financial crises
to environmental devastation,
arise from poor analysis of future risks
and rewards. We lack confidence in our
tools for handling uncertainty. Within
the financial sector weve been partially
burned by derivatives, mark-to-market,
or value-at-risk. Scotlands
independence referendum may
represent the latest reassessment of
future scenarios, but there will be many
more. We need to improve our toolkits.
We need to improve our data.
Wicked problems is a phrase popu-
larised in the 1970s to describe messy,
circular, and aggressive problems.
According to Laurence J Peter of The
Peter Principle fame, some problems
are so complex that you have to be high-
ly intelligent and well informed just to
be undecided about them. In our book,
The Price of Fish: A New Approach To
Wicked Economics And Better
Decisions, Ian Harris and I explore how
we can meld four streams in any com-
plex scenario choice, economics, sys-
tems and evolution to make better
cityam.com/forum
THEFORUM
Twitter: @cityamforum on the web: cityam.com/forum or by email: theforum@cityam.com
Agree? Disagree? Got a sharpcomment?
The Forumwants you to join the debate.
Top responses will be reprinted in The Forum.
16
MONDAY 15 SEPTEMBER 2014
nMICHAEL MAINELLI
Why spurious financial precision may
be killing our markets and our fish
decisions about wicked problems. We
also make suggestions. One such pro-
posal is Confidence Accounting.
Confidence Accounting encourages
companies and audit firms to use
ranges, rather than discrete numbers,
for major accounting entries. In a world
of Confidence Accounting, the results of
audits would be presentations of distri-
butions for major entries in financial
statements. Ranges provide a fairer rep-
resentation of results and valuations,
reduce the number of footnotes, and aid
measuring audit quality over time.
One way to understand the impor-
tance of Confidence Accounting is to
talk about fish. Back in the early 1900s,
on rumours that sardines had disap-
peared from their traditional waters in
Monterey, California, traders started to
bid up the price of tinned sardines; a
vibrant market ensued and the price of
a tin of sardines soared. A classic bubble.
One day, after some successful trades, a
buyer chose to treat himself to an expen-
sive snack; he opened a tin and ate the
sardines. They tasted awful, so the buyer
called the seller and told him the sar-
dines were no good. The seller said, you
dont understand. Those are not eating
sardines, they are trading sardines.
Ultimately, sardines off California were
fished out by the 1950s. Had markets
worked well on their own, and had peo-
ple really known the price of fish over
space and time, we wouldnt have over-
fished the North Sea, the Grand Banks
of Newfoundland, or Monterey.
Virtually all accounting entries
require judgement, meaning that a
range of values might apply. Accounting
practices exclude the truth behind over-
ly-precise specific values. Over-precision
forces companies to value assets, such as
fish or fossil fuels, at higher or lower val-
ues than they might think they are
worth in the longer term, to the detri-
ment of other natural resources or fossil
fuels. A good example has been the
stranded fossil fuel assets argument: if
perhaps four-fifths of the fossil fuels on
balance sheets are unburnable in the
long term (like those fish were inedible),
why are they calculated at full current
prices? Using specific values when
ranges are needed exacerbates volatility
in markets and fish stocks.
There are numerous judgement
calls in financial statements revenue
recognition, tax liabilities, goodwill and
intangibles, asset valuations, share-
based payments, and management and
performance fees. Confidence
Accounting would have these judge-
ment calls represented as ranges. There
are complicated ways of expressing
ranges, such as candlestick diagrams
common among traders, time-based fan
charts for economists, and box and
whisper diagrams for scientists. There
are simple ways. Simply state the
bottom value, the expected value, and
the top value, with a judgement on the
likelihood that the value is in that
range.
Confidence Accounting may be
started as easily as having audit commit-
tees ask their auditors to discuss the
accounts using ranges. A simple
approach to ranges can go a long way in
helping to incorporate knowledge and
experience in discussions between audit
committees and their auditors. Andy
Haldane of the Bank of England has
remarked that his hope is that this pro-
posal moves our thinking a step closer
towards a set of accounting standards
for major entities that put systemic sta-
bility centre stage. In the light of the cri-
sis, anything less than a radical rethink
would be negligent.
Much of the tension for accountants
has been generated by single historic
cost numbers colliding with the need
for judgement about the future. More
tension has been generated when his-
toric and current accounts collide with
future-looking risk scenarios. Much of
the tension is released when ranges are
recognised as fundamental to any dis-
cussion about financial reporting.
Perhaps when we relax a little about
precision, we can gain confidence about
our decisions on markets and fish.
Michael Mainelli is emeritus professor of
commerce at Gresham College, executive chair-
man of Z/Yen Group, and principal adviser to
Long Finance. His latest book is The Price of
Fish: A New Approach to Wicked Economics
and Better Decisions, co-written with Ian
Harris (Nicholas Brealey Publishing, 12.99).
something completely different,
like working for charity or
travelling the world. But they do so
with full knowledge of the
financial consequences of their
decision. If the Scottish electorate
is prepared to pay a price to be
independent then so be it, but it is
important they know what that
price is. And here, business cannot
be silent.
In the event of a Yes vote, there
are many uncertainties. What will
the currency be, will Scotland be in
the EU, will there be significant
changes in tax or regulation?
Should Scotland vote for
independence, these matters will
be settled in time. And this is the
problem.
The time could be only months,
but other matters may not be
settled for years. Meanwhile,
businesses cannot stop the clock as
they make decisions on where to
locate, and whether to expand or
contract in a particular area.
Only this week, Amazon
announced its intention to move its
operations from Slough to
Shoreditch. The more certainty
there is, the easier the decision.
Global financial institutions
currently looking to establish a new
UK office may have a shortlist of
London or Glasgow both excellent
locations. But with the possibility
that Scotland may not remain in
the UK, or indeed the EU, there is
an immediate question mark about
business tax and regulation. It may
be stating the obvious, but the lack
of certainty would count against
Scotland it may not be decisive,
but in practice most location
decisions are finely balanced.
London becomes the safer choice.
Of course, Scotland could thrive
as a small independent nation
there are smaller wealthy countries
in the EU. But that is not the issue.
The question is whether the huge
disruption and uncertainty that
would be created by a vote for
independence is a price worth
paying and there should be no
doubt that the uncertainty and
disruption would be huge. And that
price would not just be on
Scotland; government and
businesses throughout the UK that
operate in Scotland would have to
devote substantial resources to
dealing with the consequences of
the split. Yes this would provide
jobs but not the right sort.
May the Scottish electorate vote
wisely.
Mark Boleat is policy chairman at the
City of London Corporation.
CITY
MATTERS
nMARK BOLEAT
Staying silent about the real price of Scottish independence is a cop out
Avoid high charges and poor service
when making international payments
17
MONDAY 15 SEPTEMBER 2014
Devo max
[Re: Devo max is a cheap last-gasp offer but a
federal UK may be the happy result, Thursday]
I share Mark Fields concerns about the clumsy
way further Scottish devolution has been
proposed. It feels like, as there is no fear among
politicians that England will hold its own
independence referendum, it will never be given
the concessions received by Scotland, Wales and
Northern Ireland. In the event of a No vote, well
need a constitutional convention to resolve some
of these issues forever. England should get its
own parliament, with the same powers and
responsibilities as elsewhere in the UK.
Name withheld
Long-term Scots
Reading from London, its hard to believe that
anyone would vote for independence, given the
furore over the economic cost, the currency
difficulties, the failure to tackle the fiscal
implications, and much more. But despite polls
showing that Scots do recognise that
independence would not make them better off,
the vote is still likely to be extremely close. One
argument is that a wave of nationalist emotion
means they just dont care. More likely, however,
is that the Scots are doing what politicians fail to
do thinking in the long term, where Scotlands
chances are much better with the right policies.
Robert Dowd
Are business leaders right to intervene in the
Scottish independence referendum debate?
YES
Business interventions over Scottish independence are not just tactically
right, theyre morally virtuous. Until recently, many chief executives kept out
of the debate, fearing their reputations would be trashed by so-called
cybernats (cyber nationalists). Two things changed. First, a Yes vote now
looks a serious risk. Business leaders who fear their shareholders will
significantly suffer have a duty to speak out we want transparency and
honesty from companies. Second, businesses have recently been giving their
views simultaneously often major competitors at the same time making
them less susceptible to individual boycotts. On Friday, Jim Sillars, a former
SNP deputy leader, claimed there would be a day of reckoning against
companies who spoke out against independence. I doubt it. In general
elections, Ive seen no evidence that policy interventions damage sales.
Alex Singleton is associate director of The Whitehouse Consultancy and
author of The PR Masterclass.
Alex Singleton
NO
Will Roberts
Understandably, many business leaders have concerns about the Scottish
referendum and the prospect of the UK breaking up. But they shouldnt give
in to the temptation of expressing it publicly without careful thought.
Strong views can alienate just as many people as they please. With current
polls too close to call, a companys reputation with customers north of the
border could be at risk. Its true for No voters as well no one likes feeling
like they are being lectured to, especially when companies make claims
about independence that are not backed up. UK businesses should be
careful about adding their voice to the debate, and ensure that they are
respectful of audiences in Scotland. Investors, meanwhile, are rarely
enamored with chief executives whose focus wanders off the core business.
Unless Scottish independence is truly fundamental to a companys
performance, corporate reputation might be better served by staying quiet.
Will Roberts is a director of Corporate Reputation Consulting.
nJON MOULTON
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Fax: 020 7248 2711 Email: news@cityam.com
60 per cent of Japanese firms profits now come
from overseas sales. And that number is going up.
@ianbremmer
Women support No in ICM poll 55 to 45 per cent.
Men, by 52 to 48 per cent, are in favour of Yes.
@MSmithsonPB
Views of Deutsche Bank, Credit Suisse and Danske
Bank should have Scots thinking seriously over
indy ref. Worrying
@GABaines
Never let fear decide your future.
@LordAshcroft
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Crowdfunding: Beware
the celebrities offering
investors strange deals
For competitive rates and expert guidance:
0808 115 3718
www.cityam.com/intpay
real estate startup EasyProperty. Sir
Stelios has offered 1.5 per cent owner-
ship in the new company for a substan-
tial 1m. The business is not trading, so
hes valuing it at 67m, which you
must assume he thinks is a great deal
for him as he clearly does not need the
money.
Recently Crowdcube, the largest UK
equity crowdfunding platform in terms
of investor numbers, which started
trading over three years ago, had raised
3.8m from Balderton Capital as part of
a 5m funding round at a pre-money
valuation of 14.5m. The remaining
1.2m of shares were offered for sale on
their own platform and sold out within
two hours! This was despite these being
non-voting shares with no pre-emption
rights, and the Balderton investment
being in preference shares with better
economic rights.
Crowdfunding seems very exciting
when you invest, but investors should
take time to notice that they lack the
ability to stop managers milking the
company, or risk being diluted by
strange deals with their tiny stakes
being powerless and sometimes vote-
less. All entirely legal, of course, but so
far there has been very little effort put
into developing sensible corporate gov-
ernance for such companies although
there are people working on it. Venture
capitalists worked out the protections
you need years ago crowdfunders typ-
ically get none of these. Crowdfunding
investors deserve a fair deal. Caveat
investor.
Jon Moulton is founder of Better Capital,
and an investor in the crowdfunding plat-
forms Funding Circle and InvestingZone.
I
AM a great fan of crowdfunding
it really is a cheap way of using
modern technology to enable
investors, including very small
ones, to invest in all manner of
things. So what can go wrong?
Well, the regulators can stop it as
effectively as they have made share
offers to the public so infeasible that
even Royal Mail could not be sold to its
owners by public offer. The stopping
process has started.
It seems very strange to me that you
can lose your house at Ladbrokes in a
few minutes, but you cannot buy 500
worth of shares in a company you like
(no matter how well presented)
without being a sophisticated
investor or taking advice (how?), or
certifying it is less than 10 per cent of
your investible assets (a nebulous and
transient calculation). It would
mightily simplify matters and show a
proper sense of proportion if the FCA
took the view that individual invest-
ments under 5,000, say, were simply
unregulated.
The regulator makes it clear that
investing in early stage investments is
very risky and they are right on that.
However, while their risk focus means
more unread risk statements, key
investment risks are often not
addressed at all.
So far, the debt crowdfunding world
has been more orderly, with it simply
being easier to understand the proposi-
tion and documents being more stan-
dardised.
But it transpires that investors in
crowdfunding equities like stories and
personalities. The crowdfunding plat-
forms like them too, because it pulls in
the investors. Celebrity types have spot-
ted this demand and, as is normal in
markets, are testing the limits of
exploitation.
The hardly hard-up founder of Easy-
Jet, Sir Stelios Haji-Iannou, (worth
$2.5bn, according to Forbes) is going
down the equity crowdfunding route
to finance his latest venture online
18
MONDAY 15 SEPTEMBER 2014
cityam.com
Harriet Green talks overworn t-shirts, sceptical VCs, and pub deals with Sir Chris Evans
ENTREPRENEURS
THE BUSINESS BOFFIN
T
HEY say if you dont ask, you
dont get and no one could
accuse professor Sir Chris Evans
of being shy about coming
forward. Today, the medical sciences
entrepreneur and government adviser
has built companies worth over 3bn,
floated 20, employed over 4,000 people
and raised over 1.2bn from investors
and governments across 30 countries.
But the Welsh pragmatist didnt start
out with a vision, or even a plan.
Back in 1983, he was a young professor
at the University of Michigan, earning
enough money to pay his rent, but not
enough to stop him wearing the same
t-shirt day in, day out. But it wasnt the
lack of cash that bothered him so much
as how it was being used elsewhere. I
saw my prof give an envelope with
$1,000 in it to a speaker at a seminar. He
told me it was his stipend for coming
all this way and giving us that great
talk. Yeah, I said, but it wasnt very
great, was it? It was actually really bor-
ing. So a hacked off Evans happened
upon his first lightbulb moment.
SOUL-SELLING
Pairing his love for science with his love
for talking, he blundered onto the
speaker circuit. I sent letters out to
biotech companies across the country,
offering to speak on my subjects
genetics, molecular biology but only if
they paid me $1,000. They all said yes.
One even gave me $2,000. In less than a
month, hed made more than his
$24,000 salary. And then, he started get-
ting job offers. It was judgement day
for me. It was the early 80s and they all
offered me between $70,000 and
$100,000. I sold my soul to do product
applied science, which I wanted to do.
And for a huge sum of money, which I
didnt really think about but gladly
received.
Once in the corporate environment,
Evans decided he could strike deals as
well as the marketing guys, because I
understood the value of what I was
doing. But deal-making for someone
else only satisfied him for so long and,
in 1987, he founded his first company,
Enzymatics, raising 1.3m to do so and
starting what we now know as the
Cambridge Cluster in the UK.
These early experiences heavily
inform Evanss advice to those who
want to go and do their own thing.
Go and join someone elses firm first
and the smaller the better, because
theyre the ones filled with perils. And
its no good just being a load of blokes
in a room saying lets go and do this!
Youve got to start with the technology
and the products. And theres an even
franker dose of wisdom for would-be
entrepreneurs: The worst thing is you
fail. And if you fail, no ones going to
laugh at you, because no one knows
who you are, so they dont care. On a
more positive note, Evans believes now
is the ideal time to get stuck in as an
entrepreneur. Money is waking up
again. Theres a huge amount of innova-
tion and invention around the world
there are so many funds now and indi-
viduals willing to invest.
BOLDER AND BRAVER
Prolonged exposure to the venture capi-
tal world means, however, that Evans is
very ready to criticise it and its the UK
hes really frustrated with. British com-
panies are held back by a chronic lack of
money, he says. Its the sick garden syn-
drome. We pull up the flowers to look
at the roots, then we wonder why
theyre sick. In America, they plant,
then water them with money and leave
them to grow. Uncertainty around
early-stage drug development and a
string of high-profile failures have made
UK investors wary, but Evans says this
needs to change. We dont have any-
where near the volume of risk money
here. But were also suspicious and far
too cautious. Unlike US counterparts,
British companies are never given
enough money to develop their
pipelines investors come in some of
the way but dont fully believe the busi-
ness plan.
But Evans does sing the praises of
Circassia, the biotech firm that raised
200m when it went public in March of
this year. Backed by Invesco Perpetual
and Lansdowne Partners, the
companys listing was the first biotech
IPO since 2006, and the biggest for near-
ly 15 years. Its the model everyone
needs to see, he says. If 100m was put
into a firm during private funding
rounds, by the time they got to their
IPOs, theyd be much safer for institu-
tions to buy. Then theyd perform better
on the stock market and people would
be more trusting. People say, there are
loads of VCs in London now, but theyre
not putting up enough money. Theyd
say its because they dont see enough
good projects and that means entre-
preneurs arent making them attractive
enough.
A HIVE OF ACTIVITY
And this is where Evanss latest project
comes in the Life Sciences Hub in
Cardiff. Backed by a 100m government
fund, the Hub was launched by Evans
and the Welsh Assembly earlier this
year. Designed to boost the activity of
the sector in Wales by putting business-
es, advisers and funding organisations
all under one roof, Evans is optimistic
that this orchestrated ecosystem will
aid progress, and even help Wales take
on Cambridge.
Theres nothing in Wales. No finan-
cial institutions, investors... Ive done
120m transactions sitting in pubs. But
the Hub will change that. Ive got a per-
manent team to take pitches and advise
companies.
Evans himself is taking a more vision-
ary role, as he continues to back new
companies. Im looking at a very big
data cancer project at the moment.
Whether or not its too early for big data
to be of use in healthcare is a tough call
to make. Its a struggle to get your head
round how we can use it, says Evans,
stressing that the consolidation of years
of data will, of course, be valuable, but
its whether anyone can find a way to
analyse what are currently incompre-
hensible volumes. Ill decide by next
year on this project. Id need to put in
hundreds of millions. Big data is going
to happen, but what Ive got to decide is
whether, at the moment, this sort of
thing is too bold.
Companies: Excalibur, Merlin,
Arthurian Life Sciences,
Chiroscience, Celsis, Piramed,
Vectura and Biovex
Jobtitle: Chairman
Age: 57
Born: Port Talbot
Lives: The Cotswolds
Studied: Microbiology at Imperial
College London
Drinking: Beer and red wine
Eating: Steak, fish and lots of greens
Currentlyreading: I rarely read
novels. Lots of magazines
Favouritebusiness book: Dont have
one
Talents: Shooting most things long
range
Heroes: Barry John, Jimi Hendrix and
King Arthur
First ambition: To be a scientist and
discover something useful
Motto: Theres always a way!
Most likelytosay: If we dont do it
now, were buggered
Least likelytosay: Oh well, lets just
go with the flow
Awards: Knighthood, OBE, SCI Medal
CHRIS EVANS
CV
GIMME
...NEW BOOKS FOR ENTREPRENEURS
Remote: Office not Required
Jason Fried and David Heinemeier Hansson
Why do so many people work from home? This
explains the negatives and positives. The authors
both work remotely themselves, at web
development company Basecamp.
From 5.70
Traction
Gabriel Weinberg and Justin Mares
Using anecdotes from some of the worlds largest
companies, this book introduces the Bullseye
Framework to help entrepreneurs tap into the
right marketing channel to grow their business.
From 6.10
Startup CEO
Matt Blumberg
Based on the writers own experiences, Startup
CEO advises those who find themselves as just
that. Unlike bosses at big firms, they may have
very little experience this helps fill the gaps.
From 6.80
Zero to One
Peter Thiel
The co-founder of PayPal shares his wisdom on
entrepreneurship, and how to create new things
in an age where unchartered waters feel
increasingly difficult to find.
From 13.11
Big Bang Disruption
Larry Downes and Paul Nunes
Disruption and innovation can now happen
overnight. This book explores how companies can
best protect themselves but also how to be a
part of it.
From 5.00
Evans at the new
Life Sciences Hub
in Cardiff
19
MONDAY 15 SEPTEMBER 2014
cityam.com
MARKETING
THE WEEK IN BRIEF
Marketers
should already
be thinking
about how they
could use the
Apple Watch,
says Darin
Brown
Channel 4 chief executive David Abraham last week
announced that the broadcaster is to scrap its existing 4oD
online streaming service, and replace it with a new digital
hub. All 4, the new service, will combine the catch-up
function of 4oD with live streaming of its various channels,
as well as a range of dedicated online shows. The move is
part of the broadcasters
wider efforts to stay
connected with lucrative
younger audiences, who are
seen as steadily drifting away
from TV sets. The age group
commands a healthy
advertising premium.
Channel 4 to create new streaming hub
Publicis-owned media agency ZenithOptimedia has hired
Grant Millar as its new UK chief executive, reporting to
global managing partner and UK chairman Belinda Rowe.
Millar joins from Dentsu Aegis Network, where he was
president of global clients, overseeing accounts including
MasterCard and Mondelez and driving the profit and loss
accounts for Dentsu agencies Carat, Vizeum, Isobar and
Posterscope. Rowe said: Grant is one of the key figures in
the UK media industry, and we are absolutely thrilled that
he is now going to lead ZenithOptimedia in the UK. He
has an amazing track record, with proven results in
driving results for clients, new business and agency
development.
ZenithOptimedia hires new UK chief
European Commission antitrust chief Joaquin Almunia
last week surprised Europes tech industry by
announcing that the Commissions four-year
investigation into Googles search and advertising
business is to re-open. Speaking to Bloomberg TV, he
said: In this investigation, we received a lot of
complaints. We have been trying to obtain from Google
proposals to overcome the difficulties and the concerns.
Now with the last version of proposals we came back to
the complainants.
Google antitrust investigation to re-open
Reeboks gritty Ill Show You the Future TV ad, created
by The Rig Out and creative director Glenn Kitson,
takes us back to the sports brands roots up north
(Bolton, Lancashire to be specific). But instead of
dwelling in nostalgia, the pieces voiceover tells the
audience that exciting new things (music, stories) are
being created every day. Its tone is slightly evocative
of an early Arctic Monkeys track, and Reebok Classic
trainers are subtlety, stylishly placed
throughout.
Ad of the week
The Broadcasters Audience Research Board (Barb), which
provides the official viewing figures for television
audiences across the UK, last week announced that it will
soon capture views on iPad and Android tablet devices. The
measurement solution has been developed in association
with Kantar Media. Justin Sampson, chief executive of
Barb, said: The ability to track how our panel members
watch television on their tablets is a great step forward and
another staging post for the delivery of Project Dovetail [its
attempt to develop full cross-platform reporting]. It is also
the catalyst for us to build a new panel of homes that have
broadband connections but no TV sets.
Barb to include tablet views
W
PP HAS been rapidly building up
its digital presence in recent
years, partly by acquiring
smaller agencies worldwide and
folding them into POSSIBLE. Darin Brown,
POSSIBLEs Europe, Middle East and Africa
chief executive, talks to City A.M. about
creating digital-focused advertising, and
why brands are increasingly looking at
interactive campaigns.
Youve worked on both TV and digital
campaigns. What are the key differences?
Im not sure its right to think about it as
one or the other were seeing the ongoing
blending of different media and technolo-
gies at the moment. But the key distinction
is whether companies see digital as mis-
sion-critical. With fast-moving consumer
goods firms (FMCG), for example, you still
feel like TV is very much the dominant
channel.
Does it still feel like youre swimming
upstream with digital?
FMCG firms all want to get smarter about
it, but they still have to go through the
intermediary of grocery stores for transac-
tions, so they use TV to reach a mass audi-
ence and hope the message holds through.
But with, say, the travel and automotive
industries, they need a kick-ass digital strat-
egy just to stay competitive. Everyone books
travel on the internet, and the first place
you go when buying a car is the companys
website.
At POSSIBLE, our focus is on companies
with digital as their core platform TV is
there as a support, but they need to lead
with digital.
Youve done some work on interactive
gaming campaigns for brands. Will gam-
excited by things like near field communi-
cation and location targeting. Well get to a
point where messages can be delivered at a
certain time of day, or while Im walking
past a particular store.
Now Apples Watch is out, will wearables
be the next advertising frontier?
The smartest thing marketeers could do
right now is to think about how they can
make use of the Apple Watch, as well as the
Motorola and other Android alternatives.
The first movers in advertising industry
often get a lot of brand credit. Think about
Nike+ and how it made use of the data and
community aspects of running. A lot of
other people came along later, but Nike
was able to gain a lot of brand equity and
love first.
To create things like that, youve really
got to challenge beliefs about whats nor-
mal and possible it involves being almost
delusionally optimistic about the future.
Youve worked in North America and
Europe. Are things very different there?
I think the internet acts as a kind of
leveller, meaning people tend to think
about a lot of the same things worldwide
when it comes to digital. But one big differ-
ence from a business perspective is the way
budgets are organised.
In the US, you have instant scale every-
one speaks the same language, and client
digital budgets are organised at scale. In
Europe, most companies have left digital at
a country level its almost impossible to
get clients to lift their budgets out of coun-
try level. I think this will change, as more
companies realise there are inefficiencies
to being organised in this way.
ification live up to its considerable hype?
Were moving away from just pushing mes-
sages at people in advertising. Its more
about enabling them to interact with
firms, giving the brand utility and purpose.
We built a game called My Little Tesco for
the Hungarian market, which allows you to
run a virtual Tesco store, from the buying
process all the way to filling up the shelves
and decorating it. It went completely viral.
Its crazy when you think about how this
could integrate with Tescos loyalty pro-
gramme. Real world purchases could start
to affect the gaming experience, and vice-
versa youre blending digital with physi-
cal. Brands lobby Tesco for shelf space in
stores, could they do this in the digital
world?
Is it fair to say that interactive marketing
is the future?
I think TV consumers can pretty much
identify your strategy now. Theyre so used
to it that they know exactly how youre try-
ing to sell to them. There are still times
when it works, but its not always got the
same value as providing a useful service or
building loyalty through gaming.
Mobile ad spend hasnt quite kept pace
with consumers. Are marketers any
closer to cracking mobile advertising?
There are a couple of things going on here.
First, the numbers dont always include the
development cost brands put into apps. Its
not paid media, so it doesnt show up in
the ad spend figures, but Id argue that it
can be just as important.
But I still think most would agree that
marketeers arent making the most of
mobile. People continue to push the tradi-
tional paradigm of glossy banner ads the
models are still flawed in many cases. I get
OUR
DIGITAL
FUTURE
Liam Ward-Proud talks gamification
and apps with Darin Brown,
the Europe, Middle East and
Africa chief executive at
WPP agency POSSIBLE
@LiamWardProud
shower shared between two cabins, were
being cleaned inside and out so our
guests can always take good
photographs, he explained. At the front
of the train were swish modern Bolshoi
Class compartments with double beds
and an en suite toilet and shower.
I caught up with the group walking
towards the city with local guide Irena.
Siberia may conjure an empty freezing
wasteland to us, but almost 25 million
people live there in an area around the
size of China.
Down by the river promenade, the
spring sun was enlivening everyones
spirits. Sitting on the open deck of a large
pleasure boat I fell into a backslapping
beer-fuelled chat with some young
Russian lads about football and pop
music.
On my last night aboard the train I
returned to my compartment tipsy from
a vodka tasting evening with Larissa and
the group.
As the train approached Irkutsk, I
popped back to the compartment for a last
stare into the birch forests. The monotony
had become magical, the carriages
homely. What a wrench to leave for my six-
hour flight back to Moscow.
A stunningly beautiful railway voyage into
Russias cold, sparse heart, by Richard Green
The 4,736 mile journey from Moscow to Beijing can take up to 16 days on a sightseeing train
NEED TO
KNOW:
An epic Trans-Siberian adventure
B
irch trees and patches of spring
snow flickered past the train
window. This was slow travel at its
best, where the chief thrill is the
journey itself: cosy carriages, on board
camaraderie, and edging forward through
the vastness of Russia.
From Moscow to Beijing is a journey of
4,736 miles, which takes six days on an
ordinary through train, or 16 on the
Tsars Gold tourist train, which makes
sightseeing stops along the way.
This German-run cruising on wheels
experience is for people who prefer
everything pre-booked and arranged in
advance and dont fancy tackling the
language barrier on regular Russian trains.
I boarded the Tsars Gold train in
Yekaterinburg, just east of the Ural
Mountains, for a three-night ride to
Irkutsk, not really knowing what to expect.
As we chugged out of the city I passed
the tiny kitchen at the end of the carriage
and entered the toasty dining car where I
met a jolly group of about 20 English
speakers. Most passengers on the train are
German, but the English group on this
trip included Brits, Danes, Dutch, Italians,
Americans, and a Spaniard. We were
together for meals and tours.
It was nice to get warm, eat a hearty meal
of fish salad, cabbage soup and beef in
Russian Monastic Manner, and move on
from the Yekaterinburg gloom where, in
1918, Tsar Nicholas II and his family were
shot, mutilated and dumped down a well.
From Larissa, our guide, I learned that it
wasnt just the Imperial family who faced
a doomed eastward journey during the
20th century.
Siberia has been a place of exile for 300
years, with perhaps 21m inmates passing
through the gulags in total, she said. The
majority of people were sent there during
Stalins time. Even on the trains there
were gun emplacements on the top of the
carriages and hooks underneath to kill
anyone trying to escape.
I wouldnt fancy anyones chances in this
wilderness. Between the cities there was
barely a sign of life, save for a meagre hut
or two every few hours.
Id imagined the size of towns would
grow smaller and cuter as the train
trundled further into Siberia, but
Novosibirsk, the first stop after
Yekaterinburg 2,000 miles east of Moscow,
was big and teeming with people. Here
Soviet era buildings include the countrys
largest opera house and a prominent
statue of Lenin flanked by five heroic
workers.
At Krasnoyarsk, while other passengers
were having a city tour, I asked our train
manager Hans for a peek in all the
carriages. Squeezing past a large man with
a small vacuum cleaner, I entered a
Classic cabin a basic compartment
with two bench seats that convert to four
bunks, with shared toilets at either end of
the carriage. It costs about 4,000 one-way
per person.
All of our classes include the same
meals, and sightseeing, said Hans, as we
moved briskly down the corridor. The
windows of the Nostalgia cabin, with one
The Russia Experience
(trans-siberian.co.uk;
0845 521 2910) has a
16-day Tsars Gold
train journey from
Moscow to Beijing (or
vice-versa) starting
from 3580 per
person in standard
category based on
two people travelling
excluding flights. The
classic journey costs
from 2065 per
person for an 18-day
trip between St
Petersburg and
Beijing (again based
on two people
travelling and
excluding flights). If
budget is no problem
then the top-of-the-
range Golden Eagle
starts from 9695.
@
@cityamlife
MONDAY 15 SEPTEMBER 2014
20
cityam.com
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MONDAY 15 SEPTEMBER 2014
OFFICEPOLITICS
available resources equally between
the rivals. But attempting to be fair
leaves the team hamstrung.
By carefully weighing the impact of
favouring one employee over
another, teams slow down their deci-
sion-making process. In hyper-com-
petitive settings, where teams need
to focus their resources quickly and
respond to change in the competitive
market, getting bogged down in
internal politics can sap a teams
energy and performance.
But before you issue P45s to your
portfolio of stars, there are ways to
manage teams top-heavy on talent. A
good strategy is a clear strategy. If you
employ two star individuals, you have
to make each aware of where they
stand from day one. And if their per-
formance still fails to leave the
ground, remind them that every ace
needs a wingman.
Dr Paolo Aversa is an assistant professor
of strategy at Cass Business School, City
University London. Why do high status
employees underperform? A study on con-
flicting status within Formula 1 racing was
co-written by Aversa, professor Gino
Cattani (Stern Business School, New York
University) and Dr Alessandro Marino
(management department, Luiss
University, Rome).
Have you overloaded on talent?
Y
OU PACK your team full of high-
fliers and wait for profits to
take-off. But instead of hitting
new heights, the team spirals
into a nosedive. The reason? You
overloaded on talent. It sounds
counterintuitive (surely recruiting the
brightest leads to blazing success?), but
research tells us that individual
performance can plunge when there
are too many star performers in a
galaxy.
NEED FOR SPEED
After analysing every Formula 1 driver
in all races between 1981 and 2010,
research led by Cass Business School
found that individual driver perform-
ance declined in teams with two top
ranking drivers. In other words, hiring
too many stars can take the shine off
performance.
Away from the racetrack, the findings
shed light on why teams with high-fly-
ing employees do not always hit the
heights of their past promise, and why
star performers at one firm fade when
they are lured to another. A typical mis-
take in assembling a team is to consider
it as a mere sum of the quality of its
individual parts. But team success is
based on internal coordination and col-
laboration. Accordingly, when two tal-
ented professionals end up in the same
organisation, they can turn what
looked like a promising partnership
into a fight for internal supremacy.
SIZE SQUABBLE
A clash of egos is one obvious reason for
the decline of individual and team per-
formance. When theres more than one
rooster in the henhouse, managers can
either favour one of the employees in
order to avoid internal conflict or
refuse to side with either thus pro-
moting internal competition. But nei-
ther options entails a positive outcome.
The first tends to demotivate both team
members as the favoured employee
eases off their rivalry, and the defeated
colleague loses their ambition by no
longer being permitted to compete.
In the second case, where the team
promotes internal conflict, the result-
ingantagonism often leads to the fail-
ure of intra-team collaboration,
eventually triggering an aggressive duel
to the detriment of one or both employ-
ees. The clash between Steve Jobs and
Steve Wozniak in the early days of
Apple is a good example. The US tech-
nology company looked a promising
venture from the start, but Jobs fled
after fierce confrontations with his
associates.
Jobss comeback was only successful
because he restarted as absolute
leader, and his team was focused on
making the best out of his genius,
rather than being riven apart by the
internal competition between two tal-
ented leaders.
PERILS OF FAVOURITES
A clash of egos is an obvious hazard for
a star-studded team but just as harm-
ful to performance is the inefficient
use of resources. In teams with two top
dogs, the obvious response is to split
Paolo Aversa explains what Formula 1 can teach business about the perils of having too many star performers
Be more
productive
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OmniFocus can help.
You can organise
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Too many games
of catch up can
lead to disaster
MONDAY 15 SEPTEMBER 2014
22
SPORT
cityam.com/sport @cityam_sport
Englands Paul
Casey won the KLM
Open by one stroke
MANCHESTER United boss Louis van
Gaal insists the blue touch paper has
finally been lit at Old Trafford after
his rejuvenated side clinically dis-
patched QPR yesterday to secure the
Dutch tacticians first win since taking
the managerial reins.
Record signing Angel di Maria and
Ander Herrera both netted their first
United goals as skipper Wayne Rooney
added a third before break while Juan
Mata rounded off the goalscoring rout
in the second period.
And while still demanding improve-
BY ROSS MCLEAN
ment, Van Gaal firmly believes a cor-
ner has been turned and United have
gone some way to shrugging off their
sluggish start to the campaign, with
Colombias Radamel Falcao adding to
the sense of renaissance with a second-
half cameo.
I said before the game lets make a
new start and this was a very good
start, said Van Gaal. We have always
to analyse what we have done and as a
WASPS boss Dai Young insists his
decision to appoint James Haskell
skipper has been vindicated after
the England hopeful produced a
stoic performance as his side beat
reigning champions Northampton
Saints at Adams Park yesterday.
Quick-fire second-half
touchdowns from Ashley Johnson
and Tom Varndell laid the
platform for a 20-16 Wasps success
despite Northampton breaching
the home sides defence late on
through Ben Foden.
Despite losing out to
Saracens in agonising
fashion during the
London Double
Header in their season
curtain-raiser, Young
believes two shows of
strength have showcased the
qualities Wasps possess.
People were surprised when I
picked James captain because
outwardly he can be a little bit
show business, but inside the
camp hes a real role
model, said Young. He
was up against players
competing for England
spots but he was
outstanding in all
aspects.
London Irish
survived
a
late scare to post their first win of
the season with a 20-18 win against
Newcastle Falcons at Kingston Park.
Falcons centre Juan Pablo Socino
saw his last-gasp conversion strike
the post after Sinoti Sinoti stormed
over, following earlier tries from
Josh Furno and Scott Wilson.
The Exiles crossed the line twice
in the second period through
Fergus Mulchrone and Andrew
Fenby as centre Shane Geraghty
kicked 10 points.
A Charlie Hodgson-inspired
Saracens thumped Harlequins 39-0
at the Twickenham Stoop on Friday
night while on Saturday London
Welsh suffered another heavy
defeat, going down 53-26 at Bath.
BY ROSS MCLEAN
Skipper James Haskell starred as
Wasps edged past Northampton
MANCHESTER UNITED ...............4
QPR............................................0
PREMIER LEAGUE
Young backs Haskell as Wasps
beat champions Northampton
Angel delight as Di
Maria stars to trigger
Uniteds renaissance
Ander Herrera, Wayne Rooney and Angel di Maria all scored as United brushed aside QPR
coach there are always points
you want to improve. The result
was fantastic but we can get
much better.
New-look United opened the
scoring in the 24th minute as Di
Marias free-kick from 40 yards
caused uncertainty in the QPR
defence, evading all in the penal-
ty area and dipping wickedly
beyond QPR keeper Rob Green.
United doubled their lead nine
minutes before the break as Di
Marias surging run from deep
allowed Rooney to link with
Herrera, as the 25-year-olds
drilled effort from 18 yards
found the bottom corner.
England captain Rooney
capped Uniteds impressive first-
half moments before the inter-
val, collecting a pass from
Herrera before crisply driving
home from just inside the box.
QPRs torment continued in
the second half with Mata col-
lecting a low cross Di Maria and
popping a left-footed shot high
past Green on 58 minutes.
23
MONDAY 15 SEPTEMBER 2014
Roger Federer
guided Switzerland to
the Davis Cup final
Stuart Bingham thrashed
Mark Allen 10-3 to clinch
snookers Shanghai Masters
VIP TICKETS
RUGBY WORLD CUP 2015
Hospitality from 545 for games at Twickenham

www.rugbyworldcup.com/hospitality
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IN BRIEF
Results
SPORT
COMMENT
JOHN INVERDALE
M
any of you will have spent last
Friday hunched over a
computer pretending to be
observing market trends and
world news, when in fact you were
trying to access tickets for the Rugby
World Cup next year.
Some will have been lucky. One or
two will have given up after
encountering the usual glitches that
websites experience at moments of
massdemand.
If you didn't manage to get
through but then happened to go to
The Stoop on Friday evening to watch
Saracens demolish Harlequins 39-0,
you may have resolved not to pursue
the ticket hunt, and instead go on
holiday for a few weeks next autumn
to avoida sport that can
sometimesbe tedious in the
extreme.
Itwasn't that Harlequins were poor
that made the match devoid
ofexcitement. It was that Saracens, so
clearly the superior side, cameto do
a job and did it relentlessly
efficiently, clinically dismembering
their opposition like a surgeon
performing a routine operation.
Scrums took an interminable
time to re-set and former England
winger David Strettle was
substitutedafter an hour
much to the
amusement ofthe
crowd around me
who couldn't recall
him having
touched the ball
in the entire
game.
I met half a
dozen people on
Saturday who'd
watched the
match on
television and
had fallen asleep.
In entertainment
terms, it was
trulya Friday night horror movie.
Yet if you'd woken up early on
Saturday morning and watched New
Zealand narrowly beat South Africa
in the Rugby Championship, your lost
faith in the sport would have been
instantly restored.
The first 20 minutes were startling
in their intensity andbrilliance, but
more than anything else, in their
ambition. A kaleidoscope of moves
and running lines from players in
almost every positionmade the All
Blacks appear like the Harlem
Globetrotters, and one piece of skill
from No8Kieran Read to create the
winning try was rugby's equivalent of
Johan Cruyff's step-over all
those years ago.
Whenplayed like that,
rugby can bea sport like no
other in terms of its rich
variety andas the ultimate
definition ofteamwork.
So as you surreptitiously
return to the ticket
website this morning, be
positive. Youmight
spend a lot of money on
a stinker that makes you
wonder why on earth
you bothered, but you
might also get one of
those sublimeoccasions
that makes you realise why
you love sport at the
veryhighest level. And don't
worry. The boss won't mind.
He's logged on too.
Forward Kieran Read in
action for the All Blacks
BY ROSS MCLEAN
Reigning champion Sir Bradley Wiggins ended his Tour of Britain title defence in third place
BRITAINS Sir Bradley Wiggins
insists he holds the ammunition to
spark success at next weeks Road
World Championships in
Ponferrada, Spain after securing
the individual time trial at the Tour
of Britain in London yesterday.
Victory fired the defending
champion to third in the general
classification ahead of the final
stage, claiming the final podium
place as Marcel Kittel edged out
Mark Cavendish in a sprint finish
with Hollands Dylan van Baarle
taking overall glory. Wiggins said:
It is not a bad title defence and to
win the time-trial stage confirms I
am in the shape I thought I was in
going into the Worlds.
WORLD No1 Rory McIlroy fell short
of his fifth win of the season after
Americas Billy Horschel claimed
the Tour Championship and FedEx
Cup title in Atlanta yesterday.
The duo were among five players
who arrived at East Lake for the
season-ending tournament with
the knowledge victory would see
them crowned FedEx champion as
well as collect a combined 7m
winning bonus.
McIlroy was not at his most
fluent and carded a closing 71 as
Horschel returned 68 from the
final round to secure victory and
add to success at last weeks BMW
Championship in Denver and
second place at the recent Deutsche
Bank Championship.
Horschel finished the Tour
Championship 11-under-par, three
shots ahead of fellow American Jim
Furyk and McIlroy while Justin Rose
was tied on seven-under with Chris
Kirk and Jason Day.
FedEx crown
and fifth win
eludes McIlroy
BY ROSS MCLEAN
F00TALL
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Rugby has the ability to infuriate
but when in full flow the game
simply inspires like few others
IN BRIEF
Froome claims Vuelta second place
n CYCLING: Spains Alberto Contador
sealed his third Vuelta a Espana title
despite losing 27 seconds to Britains
Chris Froome in yesterdays closing time
trial stage. Froome finished second in
the general classification, one minute
and 10 seconds behind Contador.
Porter smashes new hurdles record
n ATHLETICS: European champion
Tiffany Porter set a new British record in
the 100m hurdles at the IAAF
Continental Cup in Marrakech yesterday
while finishing second behind Dawn
Harper Nelson. The 26-year-old clocked
12.51 seconds to break Jessica Ennis-
Hills previous record of 12.54.
Wiggins all set for Worlds after
time trial glory by the Thames
cityam.com
The markets are rife with uncertainty. Sterling has already fallen against
the dollar. But will Thursdays vote put the pound back on the high road
or ing it down even further?
Whatever your view, take your position at IG.com
SCOTTISH REFERENDUM SET TO SHOCK THE POUND
YEA OR NAE?
IG client account view
at 14.20, 12/09/14
Source: IG.com
GBP/USD
57% LONG
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